From April 24 to 26 this year, working meetings were held with key customers of the GEOTEK group of companies to summarize the results of the 2023-2024 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 the volumes and terms corresponding to contractual obligations.

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

This field season, the company achieved record daily productivity for certain types of work, which allowed one team to complete more than 550 sq. km in one season at a project in Eastern Siberia.

On a number of projects, work was carried out using unique technologies - pulse sources H-20 of our own production, which produce a peak force of 1,500 kN.

Seismic exploration data was processed and interpreted in conjunction with drilling data for 23 sites, 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 sq. km of 3D data and more than 50 thousand linear km of 2D.

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

“The company is consistently implementing its development strategy in the main areas. Active work continues both with key customers and in the direction of 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 the 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 the mineral resource base of Russia in the oil and gas sector," said Roman Panov, President of JSC GEOTEK.

About the company:

JSC GEOTEK is a leading diversified company in the field of seismic exploration on land and in the transit zone,providing services to clients in all major oil and gas regions of the Russian Federation and the Republic of Kazakhstan. The company is a systemically important enterprise for the geological industry of Russia and makes a significant contribution to the implementation of the state program for the reproduction of the mineral resource base of Russia in the oil and gas sector.