OIL exploration firm Getech Group has won its largest ever single new contract, worth £3m, with the Angolan National Oil Company, Sonangol.
Leeds-based Getech will create structural interpretations of the geological basins of the Southern African country.
Sonangol has responsibility for overseeing and managing the oil and gas exploration and production in the Republic of Angola.
The work will involve a wide range of Getech’s technical skills including gravity and magnetic data interpretation. The project will generate a comprehensive map for future exploration across the region.
The work is due to start immediately and Getech anticipates that most of the income will be recognised in the current financial year.
Raymond Wolfson, chief executive of Getech, said: “This is an excellent start to the year and gives confidence that the company will meet the current year market forecasts. This contract represents our largest proprietary project to date. “Such contracts are only feasible because we have built a large team of geoscientists, many of whom are specialists in the particular disciplines required and who can integrate their disciplines into our Globe exploration platform.”
Last month Getech, which was spun out from the University of Leeds, reported a strong end to its financial year.