20 Sep 2012 07:00
VIALOGY PLC ("VIALOGY")
VIALOGY PRESENTS NEW CAPABILITY FOR INCREASING PRIMARY RECOVERY
IN TIGHT CARBONATES AT AAPG SINGAPORE CONFERENCE
Pasadena, CA, September 20, 2012. ViaLogy PLC (LSE/AIM: VIY).At a major international energy industry conference today, ViaLogy presented results of work performed for Chevron showing how QuantumRD, its proprietary seismic analysis technology, could significantly increase primary recovery of oil over currently achieved yields in tight carbonate formations. The Chevron-approved presentation to the American Association of Petroleum Geologists (AAPG) in Singapore also provided more details about ViaLogy's current analysis work for the energy supermajor.
In an extensive test analysis, completed earlier this year, ViaLogy's QuantumRD technology was applied to a Chevron 3D seismic dataset to delineate porosity trends in the tight dolomite formations of the lower Permian Basin. The ability to predict effective carbonate porosity in such formations is central to positioning wells and geosteering for horizontal wells. In the blinded test, QuantumRD located the porosity trend that corresponded to the highest producing wells in the formation, something not previously achieved by using best-of-breed conventional analysis or geostatistical software. ViaLogy actually predicted porosity 2 to 3 miles away from known wells, using information that was below the resolution of the seismic data, and that was verified by comparison with the ground truth derived from over 300 wells in the project area.
Other conclusions from the study presented in Singapore were porosity prediction at 20 feet vertical resolution representing a twofold increase in resolution over conventional inversion and geostatistical techniques applied to similar formations.
Utilizing the QuantumRD method could result in a significant reduction of the number of infill wells drilled using standard gridding techniques while increasing recovery from optimally placed wells, thus saving considerable capital expenditure costs. In fact, the study concluded that 40% of poorly performing wells or dry holes drilled using grid-based placement could have been avoided.
ViaLogy CEO Dr. Robert Dean commented, "We regard the results of our work for Chevron as a very important step in establishing QuantumRD as a technology that will be of great value to the upstream Exploration and Production sector. We believe it to be a key improvement over available techniques, and that its widespread use could achieve major savings in the development and production cycle. The dollar value of QuantumRD is to improve primary yields from production areas such as the Permian Basin that are comprised of multiple tight zones. Also importantly, QuantumRD processing could infuse new life into older, expensively acquired seismic surveys that are known to hold promise for large reserves. ViaLogy is dedicated to realizing this potential. Our current work for Chevron and other companies should provide more examples of operating efficiencies in the coming months."
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, 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.