Getech shares soar after new contract worth £3m in Angola

SHARES in oil services group Getech Group yesterday soared 18.4 per cent after it announced its largest-ever single new contract, worth $5m (£3.1m).

Getech, which specialises in geoscience, said it was awarded a contract by the Angolan National Oil Company, Sonangol, which oversees oil and gas exploration and production in the Republic of Angola.

Getech chief executive Raymond Wolfson said the work is due to start immediately and most of the income will be recognised in the current financial year.

Wolfson said the aim of the proprietary services project was “to generate structural and related interpretations for the geological basins of Angola.”

“This is an excellent start to the year and gives confidence that the company will meet the current year market forecasts,” he said.