23 Apr 2009 08:55
ViaLogy
VIALOGY ACHIEVES ANOTHER OIL WELL SUCCESS
London, April, 23, 2009. Vialogy (LSE: VIY) announces another successful well in the Galba Prospect in South Central Texas. This well success reinforces operational and commercial validation of the company's QuantumRD™ software-based seismic interpretation service for oil and gas reservoir discovery and characterization. ViaLogy accurately predicted the size, location and formation porosity for this prospect.
The new producing well, called Mary Ridgeway #1, is located on the Galba lease owned by ViaLogy's partner Atascosa Exploration LLC of San Antonio. The Mary Ridgeway#1 well is estimated to hold larger recoverable reserves compared to ViaLogy's previously announced Cindy Bartlett#2 well discovery announced in March 2009. As before, Vialogy predicted the subsurface hydrocarbon reservoir boundaries, the porosity of the oil-bearing Bartosh sands, formation depth, and positioned the well. Prospect estimates were confirmed by the well-logging and independent subsequent core laboratory analysis. The companies will be releasing actual figures over the next few days, including dollar estimates of recoverable reserves. As announced earlier, under its current contract with Atascosa, Vialogy will receive 5% Back-In-After-Payout working interest in the well.
As in the previous successful oil find in March, Vialogy's proprietary QuantumRD served as the analytical tool for assessing 3D seismic data sets. The technology exploits subtle variations in seismic noise to overcome limitations in current processing and interpretation techniques, making possible a more accurate analysis of seismic data now in widespread use in the industry.
Vialogy now turns its attention to its next contracted Atascosa well project, with drilling expected to begin before the end of Q2 2009, and, equally as important, to business opportunities with new customers. Interest in the technology appears considerable.
Vialogy CEO, Robert W. Dean, said, "This successful well marks a major step forward for the company in demonstrating the capability of QuantumRD and its relevance in the oil patch. Our hope and intention is to enable multiple producing wells in the coming months, cautioning at the same time that no seismic interpretation technique can be one hundred percent effective one hundred percent of the time. What we can bring to the industry over time is a major improvement in the ratio of drilling dry holes to producing wells, and thus considerable cost savings."
For further information please contact:
ViaLogy Robert W Dean, President & CEO - US +1 626-296-6337 (mobile: +1 703-589-3807) Terry Bond, Chairman - UK & Europe +44 (0) 1235-834734 (mobile: 07860 842756)
Atascosa Exploration LLC John D. Mullins, CEO (+1 210-402-3656) Nominated Advisor (Seymour Pierce) Mark Percy +44 (0) 20-7107-8000
Brokers to ViaLogy PLC St. Helen's Capital +44 (0) 7628 5582
About ViaLogy: Network Centric Signal Processing ViaLogy is a leading innovator of network-centric, real-time signal processing platforms for sensor applications. ViaLogy is currently deploying and designing computational systems, powered by its patented technologies, for applications in life sciences, public safety and security, surveillance, defense and geosiesmology. ViaLogy focuses on market driven problems where automation, timeliness, quality and reliability of information processing are essential. ViaLogy's core competency incorporates rapidly and accurately detecting weak signals buried in high noise background and clutter. This technology can be employed to solve problems involving sensor integration and information overload challenges involving video, telephony and control sensors, as well as for enhancement of numerous signal processing applications. For more information, visit our website at www.ViaLogy.com.
Except for statements of historical fact, the information presented herein constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied.