11 Oct 2010 07:00
ViaLogy Plc ("ViaLogy")
ViaLogy Enters Offshore Arena with Global Energy Major
Aims to demonstrate major improvements over conventional seismic analysis in deepwater and onshore
London, October 11, 2010. ViaLogy PLC (VIY) announces it has been engaged by a second global energy company for QuantumRD performance assessment projects. The analysis targets large oilfields outside the United States. Following the recent announcement of a supermajor contract, ViaLogy has been approached by several US and non-US companies for de-risking both onshore and offshore prospects.
Under the performance assessments, ViaLogy will use its proprietary quantum seismic interferometry technology, QuantumRD, to delineate productive formations in a deepwater reservoir for a large offshore development prospect. De-risking such prospects typically relies on drilling multiple, costly test wells because of the inability of conventional 3-D seismic analysis to image fluids. The offshore project requires that ViaLogy predict oil and/or gas bearing zones from 3D seismic data in a complex sandstone reservoir setting. Sandstone reservoirs are common across the globe and can be highly productive, depending upon the accuracy of mapping interlaced sediment within reservoir or basin-scale geometry to delineate source, seal and reservoir geologies. The value-add of QuantumRD is its ability to increase resolution of the seismic data to assess hydrocarbon presence and fluid saturation. The business value of being able to map subsurface saturation patterns is the potential to maximize extraction and production, and to avoid costs normally associated with locating hydrocarbons.
The client commissioning the work is a Fortune Global 500 company.
QuantumRD will also be used to determine the attributes of a major onshore formation for the client. The onshore application leverages QuantumRD's demonstrated ability to discover subtle channel sands in complex stratigraphies. ViaLogy intends to delineate and size production grade hydrocarbon-bearing depositions in an onshore reservoir that spans several hundred square miles.
These prospects have been previously analyzed by the some of the leading geophysical services providers. Both the client and the locations of the projects remain confidential.
ViaLogy has positioned QuantumRD to provide services on a global basis for a broad class of sandstone, carbonate and shale gas reservoirs to characterize formation porosity, lithology and map hydrocarbon presence. This follows two years of development and testing in onshore US prospects where QuantumRD successfully positioned multiple wells and, retrospectively, correctly explained the outcome of over 250 more wells.
ViaLogy CEO Robert W. Dean said, "These technology assessment projects are a major step forward for us, providing the opportunity to work in very large fields, showing the technology's capability offshore, and demonstrating its enormous commercial potential. In both of these offshore and onshore prospects currently available conventional seismic analysis technologies have thus far been unsuccessful."
For further information contact:
ViaLogy
Terry Bond, Chairman - UK & Europe +44 (0) 1235-834734
Nominated Advisor to ViaLogy PLC (Seymour Pierce)
Mark Percy / Catherine Leftley, Corporate Finance +44 (0) 20-7107-8000
Katie Ratner / Jeremy Stephenson, Corporate Broking +44 (0) 20-7107-8000
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.