VIY.L Share News (VIY)

Chevron has expanded ViaLogy's work in the US Delaware Basin, tasking the Pasadena-based energy technology company with mapping subsurface reservoirs for horizontal drilling that are well below the resolution of 3D seismic.Over the years, Delaware Basin operators have typically developed field models and stratigraphic sequences for hydrocarbon bearing reservoir bodies based on the outcomes of previously drilled wells. In a new direction, ViaLogy is applying QuantumRD to map the areal and vertical extant of these preferred geologically constructed sequences from seismic data to support more targeted exploration and development opportunities. QuantumRD is ViaLogy's platform which helps de-risk prospects over a broad range of subsurface lithologies and stratigraphies to generate drilling targets, position offsets and enhance recovery. Robert Dean, Chief Executive Officer of ViaLogy said: "Chevron continues to provide ViaLogy cutting edge work that could prove enormously significant for us as a company if it can be completed to our client's satisfaction. Our goal is of course is to expand the use of QuantumRD throughout the Delaware Basin area." ViaLogy's share price was up 19.23% to 1.55p at 08:45 on Friday.MF