Metatek has extended its exclusive partnership with Lockheed Martin for another seven years and has purchased a new enhanced full tensor gravity system (eFTG) to expand its airborne subsurface exploration capabilities.
Agreement Details
Under this agreement, Metatek will retain the exclusive right to purchase and operate new eFTG systems from Lockheed Martin for the next seven years. This agreement also provides preferential pricing for another eFTG system, which, if purchased, will extend the company's global exclusivity for another two years.
eFTG Operations and Technology
Metatek currently has two eFTG devices and expects the third purchased system to be operational soon. The eFTG technology generates data for subsurface imaging and exploration targeting by measuring changes in the Earth's gravitational field. This technology, initially developed by Lockheed Martin for subsurface applications during the Cold War, has been adapted by Metatek for airborne geophysical surveys.
Metatek has developed proprietary processing algorithms that allow these tools to collect high-resolution subsurface data despite noise and fluctuations caused by airborne operations. The company has stated that the obtained data can help improve exploration targeting and reduce uncertainty in resource development decisions.
Dr. Mark Davis, CEO of Metatek, said: "Our new agreement with our long-time technology supplier, Lockheed Martin, provides Metatek with two additional eFTG devices under attractive commercial terms and importantly, secures global exclusivity for the best part of a decade."
Davis added: "The first eFTG system has been utilized in various projects and operational environments since its commissioning over five years ago, offering a combination of rapid data collection with high-resolution subsurface imaging." With two devices currently in operation and the anticipated commissioning of the third system, Metatek has significant capacity to support its growth in the short and medium term.
Metatek intends to further expand its eFTG fleet to meet the increasing demand for airborne geophysical exploration services and subsurface imaging.
