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21 Jul 2009 09:21
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ViaLogy plc ("ViaLogy")
ViaLogy joins withΒ UniversityΒ ofΒ TexasΒ and a largeΒ TexasΒ OilΒ IndependentΒ
to analyze oil prospect
London,Β JulyΒ 21, 2009.Β Vialogy (LSE:Β VIY)Β ViaLogyΒ announcesΒ thatΒ it has signed aΒ services contract withΒ a large privately ownedΒ oilΒ Independent based inΒ Midland,Β Texas. The companyΒ drills over 40 wells per year.Β Β Under thisΒ contract ViaLogyΒ willΒ provideΒ reservoir sizing andΒ drilling recommendations for anΒ 11,000 feet deepΒ Strawn formation prospectΒ located inΒ theΒ MidlandΒ BasinΒ in the heart of the Wolfberry play. The WolfberryΒ is currently one of the most active plays in the Permian basin.Β For competitive reasons the firm has declined to be publicly identified or to provide further project details.
According toΒ the company'sΒ Chief Geophysicist,Β "TheΒ StrawnΒ formation is one of the more enigmatic hydrocarbon producingΒ stratigraphicΒ formations,Β as production ratesΒ canΒ vary significantly over small regions.Β Well completion costs are high and we need more innovative computational approaches to characterize the subsurface and develop drilling targets.Β We are looking forward to ViaLogy's QuantumRD technology to assessΒ subtle porosity variations and size hydrocarbon deposits on our blockΒ to mitigate risk."
ViaLogy'sΒ deliverables will include characterization of hydrocarbon reservoir boundaries, subsurface formations, lithology, and depth, as well as porosity estimates, and recommended drill locations.Β
ViaLogy CEOΒ RobertΒ Dean stated, "This is a significant and challenging opportunity to demonstrate our technology with a key independent, and to work hand-in-hand with the prestigious BEGΒ in areas where conventional seismic analysis has proven to be limited.Β A successful outcome will move us closer to our goal of widespread industry acceptance of QuantumRD. At that point, we will be free to disclose the client and detailed results from the work.Β Multi-component seismic data is being increasingly collected by the E&P players for high thrust and carbonate reservoirs. Extracting more information from multi-component seismic opens up several new business opportunities for ViaLogy".
Further information from:
ViaLogy
Robert W Dean,Β President &Β CEO -Β USΒ +1 626-296-6337 (mobile: +1 703-589-3807)
Terry Bond, Chairman - UK & Europe +44 (0) 1235-834734 (mobile: 07860 842756)Β
Nominated Advisor to ViaLogyΒ PLCΒ (SeymourΒ Pierce)
Mark Percy +44 (0) 20-7107-8000Β
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 atΒ 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
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