7 Jul 2009 07:00
ViaLogy plc ("ViaLogy" or "the Company")
Boa Energy Resources contracts ViaLogy to develop multiple
Oil & Gas lease properties
London, July 7, 2009. ViaLogy (LSE: viy) ViaLogy announces it has signed a services contract with Boa Energy Resources LLC of Houston, Texas ("Boa"). Under the contract ViaLogy will provide analysis on a long term basis for Boa's oil and gas lease prospects using its proprietary QuantumRD reservoir characterization, sizing and subsurface interpretation technology. Boa's operating partner is Creed Energy LLC of Wichita Falls, Texas ("Creed").
Boa holds multiple leases with extensive drilling rights in Texas and Pennsylvania. ViaLogy's deliverables will include characterization of hydrocarbon reservoir boundaries, subsurface formations, lithology, and depth, as well as porosity estimates, and recommended drill locations. ViaLogy will work in close partnership with Boa's and Creed's engineering and production staff. QuantumRD is ViaLogy's proprietary active signal processing technology applied to seismic and geological data. It provides a competitive advantage over conventional processing techniques in being able to discern subsurface features more accurately.
Boa intends to drill multiple wells in this calendar year. The first well will target a 4,000 foot plus depth formation on a 17,000 acre lease property in Clark County, Texas on which Boa has first refusal access. Depending on QuantumRD analysis of the seismic, magnetic and satellite dataset, Boa and Creed plan to drill multiple wells on the site. Contract terms provide ViaLogy with both a service fee and a success fee, paid as a working interest in the wells.
Boa CEO Archie Ameigh commented, "We are impressed with the ViaLogy technology and believe it can make a real difference to our drilling success. The broad applicability of QuantumRD to different types of formations and depths, and ViaLogy's one-stop ability to work with seismic and all forms of subsurface data are important to us as we develop our lease portfolio."
ViaLogy CEO Robert W. Dean said, "We are extremely pleased to have the opportunity to put QuantumRD to work for Boa and we are delighted to be co-operating with the experienced Creed Energy team. We have agreed on an extended business partnership. We intend to establish our technology as an industry standard."
Further information from:
ViaLogy
Robert W Dean, President & CEO
US +1 626-296-6337 (mobile: +1 703-589-3807)
Terry Bond, Chairman - UK & Europe
+44 (0) 1235-834734 (mobile: 07860 842756)
Nominated Advisor to ViaLogy PLC (Seymour Pierce)
Mark Percy
+44 (0) 20-7107-8000
About ViaLogy: Network Centric Signal Processing
ViaLogy is a leading innovator of network-centric, real-time signal processing platforms for sensor applications. ViaLogy is currently deploying and designing computational systems, powered by its patented technologies, for applications in life sciences, public safety and security, surveillance, defense and geoseismology. ViaLogy focuses on market driven problems where automation, timeliness, quality and reliability of information processing are essential. ViaLogy's core competency incorporates rapidly and accurately detecting weak signals buried in high noise background and clutter. This technology can be employed to solve problems involving sensor integration and information overload challenges involving video, telephony and control sensors, as well as for enhancement of numerous signal processing applications. For more information, visit our website at www.ViaLogy.com.
Except for statements of historical fact, the information presented herein constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied.