2 Jan 2013 08:36
Vialogy PLC ("ViaLogy")
Chevron Expands ViaLogy Contract in Delaware Basin
London, UK, January 2, 2013. ViaLogy PLC(LSE/AIM: VIY) ViaLogy announces that Chevron has expanded its contract for QuantumRD analysis of tracts in the Delaware Basin. The decision follows work completed by ViaLogy on a portion of the field, located in one of the company's most important leaseholds in the continental United States.
Spanning parts of west Texas and southeast New Mexico, the Delaware Basin is a part of the larger Permian Basin formation, and a premier emerging play that has the potential to be a significant contributor to Chevron's overall North American operations. Chevron was the third largest hydrocarbon producer in the United States in in 2011, and one of the largest in the Permian Basin.
Chevron has recently expanded its holdings in the Delaware Basin (http://www.chevron.com/
chevron/pressreleases/article/09122012_chevronagreestoacquiredelawarebasinacreage.news) to almost one million net acres. The massive formation contains several oil and wet gas plays stacked together within several thousand feet of hydrocarbon-bearing rock. The plays include the Avalon Shale and the Bone Spring Sand, both of which ViaLogy analysis is targeting. QuantumRD, the company's proprietary seismic data analysis technology, is capable of delivering reservoir characteristics beyond those possible with standard techniques. In this case, ViaLogy is using previously exploited vintage 3D seismic to extract more information than was previously possible with the objective of doubling the aerial and vertical resolution of standard techniques. Such higher definition is a major advance in that it a more accurate seismic picture of reservoir properties can make possible more economic field development by optimally positioning horizontal wells.
CEO Robert Dean said, "We're pleased by Chevron's decision to expand the contract area, and we look forward to working with them on ever-increasing areas of this most important field. We believe our QuantumRD offers a competitive advantage in bringing new efficiencies to placing horizontal wells, and, hopefully, to lowering the overall cost of production."
For further information contact:
ViaLogy PLC
Terry Bond, Chairman - UK & Europe +44 (0) 1235-834734
Nominated Advisor and Broker to ViaLogy PLC (Seymour Pierce)
Mark Percy / Catherine Leftley, Corporate Finance +44 (0) 20-7107-8000
Katie Ratner / David Banks, 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.