17 Nov 2010 09:15
VIALOGY PLC
FIELD DEVELOPMENT PHASE UPDATE
Pasadena, November 17, 2010. ViaLogy PLC (VIY) reports the conclusion of a test well in Central Texas, an important initial step in a field development project specifically designed to identify and assess carbonate pinnacle reef structures and map fluid deposits across a large area, with the aim of developing commercially producing wells. Mature productive pinnacle reef structures in Central Texas are elusive targets. In this project, working with client firm Enrich Oil Corporation, QuantumRD weak signal detection technology is being used to locate specified reef formations. This particular drilling, referred to in the oil industry as a "wildcat" because of its speculative nature, marks the first use of seismic data in this prospect. One purpose of the well was to acquire high resolution sonic data for QuantumRD to calculate the subsurface geology. Going forward, well control and logging from this well will permit the refining of the reef targets, the adaptation of QuantumRD to distinguish mature hydrocarbon-bearing reefs from immature reefs, and the eventual development of the entire acreage.
Enrich Oil Company CEO, Allan Frizzell, said, "We are attempting to establish a completely new production zone in one of the toughest production areas in Texas. This is an excellent place to apply QuantumRD. We drill test wells; we do this continually. We gather data sets, as we have in this case, and now we expect QuantumRD to really make a difference in enabling us to find economic production locations. We are wildcatters and we think this new technology can really help us reduce our risks and be successful."
ViaLogy CEO, Robert Dean, said, "This well is an important step forward in applying QuantumRD to a unique exploration problem set. The results will be important in refining the technology for well discovery in these and similar reef structures where determining the precise location and maturity of a reef is the critical variable. It's a great project also because our technology is applied early and over time to establish the maximum commercial potential of the whole prospect."
For further information contact:
ViaLogy PLC
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.