16 Jul | Getech: Shaking Up the World of Geological Data
Everyone loves a trading update when the words, “exceed current market expectations” appear at, or close to the top of the page. That’s just what Getech – the oil services business specialising in the provision of exploration data and geological exploration studies – delivered today.
In that trading update, Getech’s Chief Executive, Raymond Wolfson, had this to say:
“The combination of strong data sales and commitments to Globe has continued to underpin the performance of the Company. Our comprehensive Earth Systems Models, which build on the core of the Globe product, are attracting increasing interest and we are very pleased that demand for our proprietary services continues to strengthen.”
Less than a month back (20th June 2013), Getech hinted that market expectations may be bettered when they announced a further sale from their global data library:
The Company is pleased to announce that it has made a further sale of a substantial part of its global magnetic dataset, with a price of $962k. This dataset has been built over a period of many years and is used by clients to help them identify target areas for their exploration activities by helping them to understand the structure of the earth’s subsurface.
Getech’s Chief Executive, Raymond Wolfson, commented, “Data sales continue to be both profitable and a strong cash generator for us. This sale is particularly pleasing as it was made to a major independent oil company with global objectives. This client not only bought our global gravity data a number of years ago, but was also the first to sponsor our Globe platform.”
We took up 2,480 shares in GETECH at 44.99 pence back in October 2012, here’s the reason why (and a little more Getech background to boot).
As I write, Getech are trading at an all time high of 72.50 pence a share.
That’s there one year chart courtesy of SharePrice.co.uk – pretty isn’t it.
Thanks again for dropping by.