16 Nov 2012 07:00
ViaLogy PLC
North Sea Project Underway
London, UK November 16, 2012. ViaLogy PLC(LSE/AIM: VIY) announces it has initiated work on a North Sea project for one of the largest geosciences companies. In developed fields such as the North Sea the challenge of locating additional deposits is a well-known impediment to continued economic production. Yet exploitable reserves remain if they can be located and accurately characterized. This project challenges ViaLogy's QuantumRD technology to discover and delineate producible hydrocarbon bearing sand bodies that have not been found with sufficient precision by other techniques.
ViaLogy CEO, Robert W. Dean, said "A successful outcome of the North Sea project could open up a large customer base for us. The problem set we are addressing will significantly extend the reach of QuantumRD for offshore analysis. In October theUK Government awarded 167 licences for oil and gas projects on the UK Continental Shelf and highlighted that there are up to 24 billion recoverable barrels of oil equivalent remaining in the North Sea, supporting our view that the North Sea could be a lucrative new area for ViaLogy's QuantumRD technology."
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/Catherine Leftley, Corporate Finance +44 (0) 20-7107-8000
Katie Ratner/David Banks, 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.