4 Jan 2011 07:00
VIALOGY PLC.
January 4th 2011
ViaLogy reports key advances in QuantumRD market acceptance
Pasadena, January 4, 2011. ViaLogy PLC (LSE:VIY) makes the following announcements as part of a continuing effort to keep shareholders as fully informed of its progress as is permitted by publicity rules imposed by the company's clients or business partners.
ViaLogy has successfully completed its technology demonstration project on an offshore prospect for a global non-US major exploration and production company. Results have been acknowledged by the client as beyond the scope of conventional seismic processing and analysis technology, and as a potentially unique tool in reducing exploration and production risk. The client's evaluation was carried out using rigorous global services industry standards. The work marks the first application of ViaLogy's technology for an undersea prospect, and reinforces QuantumRD's value proposition for both complex offshore and onshore prospects. A second project is now underway for the same firm, this one focused on a key onshore prospect. In both cases the exploration problems were presented to ViaLogy after conventional seismic analysis techniques had been applied extensively.
In another important development, ViaLogy reports advanced discussions with a leading non-US national oil company, following its preliminary evaluation of QuantumRD, to apply the technology to an offshore prospect for full operational analysis and de-risking of expensive wells. This firm is looking to disruptive technologies for reducing risks in new, deeper fields and non-conventional formations.
ViaLogy will figure prominently this month at Geo India 2011, India's leading annual hydrocarbon exploration and production industry gathering in New Delhi. Due to interest sparked by the company's technology and its successes in the field, ViaLogy CTO Dr. Sandeep Gulati will present an invited keynote address. In addition ViaLogy geophysicists will conduct a two-day workshop on QuantumRD technology as a fundamental advance in seismic interferometry, a focus area of India's geophysical community. Presenting the technology to scientists and industry professionals comes at the request of a number of large Asian firms, and gives ViaLogy a select outreach opportunity.
Finally, strategic partnership discussions have begun with a leading O&G services company, following exploration of links with a number of such firms. If successful such a partnership could offer a near term path to access extensive global markets.
CEO Robert Dean said, "These and related activities have been our focus for some months, and they are key milestones in our strategy to accelerate and win the acceptance of QuantumRD in global markets. I am pleased with our progress, and we are doing our best to keep shareholders informed within the limitations imposed on us. Interest in the technology has been intense with the large firms we have chosen to work with. In all cases, in order to prove the unique value of QuantumRD, we have been presented with their hardest problems, which in itself should be an accelerated proving ground for the technology in some of the world's toughest exploration environments."
Mr. Dean points out that the gestation period from enquiry to technology acceptance takes considerably longer when dealing with supermajors and global oil exploration companies. "These complex businesses have techniques and processes already in place on which they base very large capital expenditure decisions," he said. "What we bring them in QuantumRD is a powerful risk reduction tool that complements and can be integrated with existing practices. Gaining user acceptance as a standard part of their operations is what takes time, and why they typically insist on demonstration projects and extended technical discussions."
Ends
For further information contact:
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 magneto telluric 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.