LONDON (Alliance News) - Investment company Blenheim Natural Resources PLC said Friday International Geoscience Services Ltd, in which it has a 27.1% stake, has taken "significant steps" towards commercialising its geo-data products.
Blenheim said IGS, which was spun out of the UK government's British Geological Survey in 2011 and which Blenheim purchased its stake in in February, has received early indications of interest for orders of its mineral propsectivity software package, IGS XPlore, following a demonstration to mining industry professionals.
Blenheim said IGS has also signed two contracts within its geo-consultancy division since February.
One of the contracts is with the Geological Survey of India to manage the tender process for a multisensory airborne geophysical surveying consultancy over India, which will commence in April and is funded by the Indian government, Blenheim said.
The other is relating to a World Bank-funded programme focused on the acquisition and development of geo-data infrastructure within Lao People's Democratic Republic. Blenheim said this project is likely to commence later in 2016.
No financial details of the contracts were disclosed.
"I am delighted that so soon after our investment in IGS, the company is continuing to make significant steps towards commercialising its geo-data products with a view to capitalising on its competitive advantage in the field," Chris Cleverly, a non-executive director at Blenheim, said.
Shares in Blenheim were up 2.2% at 1.15 pence on Friday.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
Copyright 2016 Alliance News Limited. All Rights Reserved.
Blenheim Natural Resources (BNR)