23 Apr 2012 07:00
VIALOGY PLC
NEW CHEVRON CONTRACT WITH VIALOGY SEEKS TO OPTIMIZE HORIZONTAL WELLS
Pasadena, CA, United States, April 23, 2012. ViaLogy PLC (LSE/AIM: VIY) announces the award of a new commercial contract with global supermajor Chevron. ViaLogy will deploy its patented QuantumRD processing to analyze 3D-seismic data in support of Chevron's exploration and appraisal efforts in the US Delaware Basin. The basin is a multi-zone play that holds potential for shale, sandstone, and carbonate reservoirs in the same geographical region, exercising QuantumRD's full capability.
The new contract follows ViaLogy's efforts for Chevron in mapping out complex porosity trends in tight carbonate formations in a recently completed Permian Basin project.
Under the contract, the goal is to deliver more accurate structural and stratigraphic interpretations of data, applying algorithms that broaden the useable seismic spectra for both low and high frequencies by extracting and exploiting weak signal data normally discarded as noise. This technique is a major departure from current industry capabilities in reservoir characterization.
Welcoming this extension of work with Chevron, ViaLogy's CEO Robert W. Dean said, "This contract with one of the world's leading energy companies represents another significant step forward for our business. In this project QuantumRD should enable better and more economic positioning of horizontal wells, as compared to more expensive grid-based drilling, thus reducing finding and production costs. At the same time, this project provides us another opportunity to showcase how we extract more information from seismic than has been done so far by industry standard techniques, and reduce drilling risk."
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, Corporate Finance +44 (0) 20-7107-8000
Katie Ratner/David Banks, Corporate Broking +44 (0) 20-7107-8000
About ViaLogy PLC:
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.