8 May 2013 07:00
ViaLogy Contracted for QuantumRD Services in Ecuador
London, May, 8th 2013. ViaLogy PLC (VIY) announces it has signed a contract with a subsidiary of Singapore-based Gente Oil Global, Pte. Ltd. to apply its QuantumRD seismic interpretation technology on Ecuadorian properties in the Oriente Basin. ViaLogy will focus on reservoir discovery, delineation, and development in Napo sandstone formations that have proven too complicated to understand through conventional interpretation. Project results will support the planned drilling program.
The Oriente Basin of Ecuador is a prolific producing field with nearly 3billion barrels recovered over the past 20 years. It continues to be the focus of active exploration. QuantumRD will be used to analyze 3D seismic and accurately characterize recoverable reserves from stratigraphic sandstone traps within structures associated with Andean faulting. The lithology is complex, seismically and volcanically active and, prone to rapid areal and vertical changes in geological sequence. This project leverages some of the fluid imaging capabilities developed by ViaLogy in its work for supermajors to characterize stratigraphic reservoir assets that were below the vertical resolution of vintage seismic.
Gente Oil Global is comprised of experienced industry veterans with a proven track record of working successfully with Latin American governments to develop oil and gas resources. Combined, the management team has been responsible for the discovery of billions of barrels of oil and gas equivalent.
ViaLogy CEO Robert Dean said, "We are pleased to be working with Gente Oil Global to support their drilling program in the Oriente Basin of Ecuador. This gives us a chance to bring some of the QuantumRD capabilities we have optimized for reservoirs in highly tectonic basins where both structural and stratigraphic elements are in play. We see Latin America as a significant potential market for QuantumRD services".
For further information:
ViaLogy PLC
Terry Bond, Chairman - UK & Europe +44 (0) 1235 834 734
Cantor Fitzgerald Europe (Nominated Advisor and Broker) +44 (0) 7894 7000
Mark Percy / Catherine Leftley (Corporate Finance)
Katie Ratner (Corporate Broking)
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
About Gente Oil Global:
Gente Oil Global is a private international upstream oil and gas company focused on building an asset base across targeted regions of Latin America, North Africa, North America, and the Middle East. Chartered in Singapore in 2012 by a group of seasoned international oil and gas professionals, the company aims to capitalize on proven capabilities and contacts to create value through exploration, development and production of oil. Gente Oil Global is seeking oil exploration, production and development opportunities on the West Coast of South America such as Ecuador and Colombia, and is evaluating other opportunities globally. The primary goal of Gente Oil Global is to become a resource-rich oil producing company with multiple global assets. For more information on Gente Oil Global, visit www.genteoil.com