GEOTECH has completed the 2023/24 winter field season

GEOTEC held working meetings with key customers of the group of companies to summarize the results of the 2023/24 winter field season. Based on the results of the meetings, customers noted the successful completion of geophysical work to search for oil and gas during the season in volumes and terms corresponding to contractual obligations.

In total, during the winter field season, GEOTEK holding specialists completed over 3 thousand. sq. km of 3D seismic exploration, of which about 500 sq. km of offshore work and more than 2.5 thousand linear km of 2D seismic survey.

In this field season, the company achieved record levels of daily productivity for certain types of work, which allowed the project in Eastern Siberia to ensure the completion of more than 550 sq. km by one party in one season.

On a number of projects, work was carried out using unique technologies — N-20 pulse sources of our own production, which produce a peak force of 1500 kN.

< p class="doc__text">Processing and interpretation of seismic data in combination with drilling data was carried out for 23 objects, including in the Timan-Pechora and Volga-Ural oil and gas regions, Eastern and Western Siberia and on the continental shelf of the Russian Federation. The total volume of research amounted to more than 5 thousand square meters. km of 3D data and more than 50 thousand linear km 2D.

The achieved productivity indicators made it possible to ensure the required level of economic efficiency. According to audited financial statements based on the results of 2023 according to IFRS standards, for the first time since 2019, a net profit of 0.35 billion rubles was received, and EBITDA amounted to 1.4 billion rubles. The total portfolio of contracts has more than doubled and amounts to more than 22 billion rubles.

“The company is consistently implementing its development strategy in its main areas. Active work continues both with key customers and towards expanding the contract base in the country and abroad. A separate block of work is underway to modernize the equipment fleet, including the development of our own high-tech equipment in the field of geological exploration as part of the implementation of a program to increase the level of technological sovereignty. GEOTEK has exceptional competencies and expertise in the geological exploration industry, as well as a highly professional team, and continues to make a significant contribution to the implementation of the state program for the reproduction of Russia’s mineral resource base in the oil and gas sector,” said Roman Panov, President of GEOTEK JSC.