11 Oct 2011 15:28
ViaLogy PLC ("ViaLogy" or "the Company")
Placing and TVR
London, October 11, 2011. ViaLogy PLC (AIM: VIY), a provider of reservoir characterization, geophysical imaging and hydrocarbon sizing services to global oil and gas Exploration and Production companies based on proprietary, patented active signal processing technology, is pleased to announce it has raised £177,500 through the placing of 17,750,000 ordinary shares ("the Placing Shares") at a price of 1p each with an existing institutional investor ("the Placing").
The net proceeds of the Placing will be used for working capital purposes.
Application has been made for the 17,750,000 Placing Shares to be admitted to trading on AIM and dealings are expected to commence on 14 October 2011. Following the Placing, the total number of ordinary shares in issue and therefore the total number of voting rights is 751,955,130.
For further information:
ViaLogy PLC
Terry Bond, Chairman - UK & Europe +44 (0) 1235 834 734
Nominated Advisor to ViaLogy PLC (Seymour Pierce)
Mark Percy / Catherine Leftley, Corporate Finance +44 (0) 207 107 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