1 Jul 2010 07:00
VIALOGY PLC
BUSINESS UPDATE
New prospects analyses delivered
Industry specialists join ViaLogy
Pasadena, July 1st, 2010. ViaLogy PLC (LSE: VIY) announces that it has this week delivered recommended well drilling locations, positioned using its proprietary QuantumRD technology, to two clients that plan to commence drilling on the sites in the coming weeks. Under the two contracts, ViaLogy's deliverables include multiple specified well sites and ViaLogy receives an overall service fee plus a working interest success fee for each completed well.
In addition, ViaLogy is now in advanced talks with prospective clients to apply QuantumRD for shale gas exploration and production.
ViaLogy also announces two senior technical staff appointments that will augment current capacity to service it's increasing workflow and accelerate introduction of QuantumRD, to a broad set of exploration and production firms.
Dr. Robert Parney joins ViaLogy as Chief Geophysicist and Vice President, Geophysical Services. He brings over twenty years of experience as a reservoir geophysicist/geo-scientist, and is a recognized industry expert in all facets of seismic technology from acquisition and processing to interpretation and reservoir characterization. Over the last five years he has been extensively involved with major US shale gas plays, including Woodford, Marcellus, Haynesville and Baxter. His industry experience includes Asia, North and South America, Europe and the Middle East. He has extensive experience in both the analytical and reservoir engineering aspects of hydrocarbon exploration and field development, and brings to ViaLogy a wide range of contacts in the petroleum industry.
Previously, Dr Parney has worked with Tricon Geophysics and GX Technology, as well as publishing numerous articles on geophysics and hydrogeology. Dr. Parney received his Ph.D. from the University of British Columbia.
Dr. Andres Chavarria has been appointed as Senior Geophysicist, bringing over fifteen years of analytical and management experience in the seismic data processing area. Dr. Chavarria is an expert in structural imaging and borehole seismic analysis from 3D and multi-component surveys for both on shore and offshore fields. He has prior successes in the product development of state of the art imaging technologies, including magnetic and electromagnetic geophysical acquisition systems, and their adaptation and application to a range of reservoir development projects. Previously, Dr. Chavarria has worked at Conoco and Pemex, among others, and has experience in projects in the Americas, the Middle East, Europe, China and West Africa. Andres also brings extensive industry contacts, and, like Dr. Parney, has numerous technical publications to his credit, as well as extensive field work. He was awarded his Ph.D. from Duke University.
ViaLogy CEO, Robert Dean, said, "Both Bob and Andres were selected after extensive evaluation of a long list of candidates. They each have superior industry track records as innovative, hands-on professionals in the advanced use of seismic data across a range of formations - onshore, offshore, and shale gas. They will work closely with our Chief Technology Officer, Dr. Sandeep Gulati, to develop QuantumRD - our unique technology that exploits, as an information source, the 'noise' inherent in most seismic signal data - into a standard industry tool."
ViaLogy
Terry Bond, Chairman - UK & Europe +44 (0) 1235-834734
Nominated Advisor to ViaLogy PLC (Seymour Pierce)
Mark Percy / Catherine Leftley, Corporate Finance +44 (0) 20-7107-8000
Katie Ratner / Jeremy Stephenson, Corporate Broking +44 (0) 20-7107-8000
About ViaLogy:
ViaLogy provides reservoir characterization, geophysical imaging and hydrocarbon sizing services to global oil and gas customers based on proprietary, patented active signal processing technology. ViaLogy's QuantumRD platform assists clients in de-risking prospects over a broad range of subsurface lithologies and complex stratigraphies to generate drilling targets, position offsets and enhance recovery. ViaLogy's core technology rapidly and accurately detects weak signals buried in high noise background and clutter, and is applicable to active/passive seismic, electromagnetic and magnetotelluric data. By exploiting normally disregarded noise variations induced by changes in porosity, fluid presence and permeability across the formation, and adding computer-designed noise to the data, ViaLogy is able to amplify subtle noise variations to enhance areal and depth resolution in complex lithologies that are not achievable through conventional means. For more information on ViaLogy, visit www.vialogy.com.