15 Jul 2009 08:42
Buckingham Group Contracts ViaLogy to Develop Multiple
Oil & Gas Lease Properties
London, July 16, 2009. Vialogy (LSE: VIY) ViaLogy announces that it has signed a multi-site services contract with The Buckingham Group of San Angelo, Texas and with offices in Falmouth, MA. Under this agreement ViaLogy will initially provide analysis on three separate fields for Buckingham oil and gas lease prospects using its proprietary QuantumRD™ reservoir characterization, sizing and subsurface interpretation technology.
The Buckingham Group represents six affiliates, including a drilling company, O&G operator, land management and acquisition company, investment companies and a well service company. Collectively, the group drills about 50 wells per year throughout Texas. The group holds multiple leases with extensive drilling rights throughout Texas.
ViaLogy's deliverables will include characterization of hydrocarbon reservoir boundaries, subsurface formations, lithology, and depth, as well as porosity estimates, and recommended drill locations. QuantumRD provides a competitive advantage over conventional processing techniques in being able to discern subsurface features more accurately.
Under this contract, Buckingham and ViaLogy will target both exploratory and development wells in the 3000 - 9000 feet plus depth formations. QuantumRD will be used for analysis of multiple subsurface imaging modalities including seismic, geochemistry, magnetic and satellite datasets. Contract terms provide Vialogy with both a service fee and a success fee, paid as a working interest in all three wells.
Buckingham CEO Darryl Buckingham commented, "We are encouraged by the technology ViaLogy has introduced to the industry and expect that it will mitigate risk and provide us with a critical advantage." He added "We are particularly looking to deploy QuantumRD for reserves on the eastern shelf of the Permian basin where conventional 3-D seismic has been unreliable and difficult due, in part, to the heavily fractured nature of underlying geology. We like ViaLogy's approach to sharing the risk. They will receive a services fee, and when we complete wells to production, they will receive a percentage of the recovery as a success fee."
Vialogy CEO Robert W. Dean said, "We are delighted to partner with the Buckingham Group and their production and geology teams. They have a very impressive staff with extensive experience and the vertically integrated resources to explore and drill aggressively. This collaboration will allow us to broaden the spectrum of formations where QuantumRD could add significant value."
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