Vialogy gets Texan boost

Vialogy, the US-based company that develops Internet Protocol (IP) based sensor networks, saw revenue soar last year as its technology moved towards full commercialisation.Revenue in the year to 31 March 2009 rose to £0.13m from £0.03m the year before. Loss before tax widened to £6.2m from £5.3m, however, after share based payments of £1.1m (2008: £0.8m) and depreciation and amortisation of £2.8m (£2.2m).Cash and cash equivalents fell to £0.43m from £2.19m.The company gave an update to its contract win announced on 15 July with Texan oil outfit Buckingham Group.Vialogy has finalised project and royalty agreements for three onshore oil prospects under a multi-site services contract with the Buckingham Group.The company will be designing and managing high resolution seismic acquisition, and will receive a services fee, as well as a percentage working interest upon successful well completions. Buckingham drilled a total of 49 wells in 2008.