16 Apr 2009 08:49
VIALOGY PLC ("VIALOGY" OR "THE COMPANY")
VIALOGY BEGINS DRILLING SECOND WELL AT TEXAS PROSPECT
Analysis started on third, deeper well
London: April 16th 2009. ViaLogy PLC (LSE:VIY) announces that a rig has been sited on Atascosa Exploration LLC's Galba Prospect in south central Texas using QuantumRD™, ViaLogy's proprietary active signal processing technology that brings greater accuracy to seismic data analysis. Deployment of the rig and drilling of a second well is expected to start immediately. QuantumRD's processing and interpretation of site-specific 3D seismic data has determined optimal drill location, reservoir boundaries, hydrocarbon porosity, and other parameters for the new well. Results should be available within a week following drilling start. Under its contract with Atascosa ViaLogy is to receive 5% Back-In- After-Payout (BIAPO) Working Interest on oil production from the well.
This second project follows the successful QuantumRD positioning in March 2009 of a first well at Galba, named Cindy Bartlett #2.
ViaLogy also announces that it has commenced a QuantumRD analysis to determine the exact reservoir characteristics, porosity, and optimal extraction location for a third well on the Galba Prospect, this one in the Escondido sand formation. At considerably greater depth than its predecessors, the Escondido well should demonstrate QuantumRD's applicability for varying geologic formations at increasing depths and complex structural characteristics. Drilling on the Escondido well is planned for Q2 2009.
Further, Vialogy announces that it has begun technical and business discussions with a large Texas-based exploration and production firm to apply its QuantumRD technology to that firm's exploration prospects.
"QuantumRD's accurate predictions of reservoir boundaries and porosities on the Cindy Bartlett #2 well have confirmed our belief, shared by Atascosa, that we can substantially improve the current ratio that for every 10 on-shore drilling efforts in the US only four are successful," said Robert W. Dean, CEO of ViaLogy. "Our hope is that as QuantumRD's successes grow it will earn a reputation as a must-have tool in the exploration industry."
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 to ViaLogy PLC (Seymour Pierce)
Mark Percy +44 (0) 20-7107-8000
Broker to ViaLogy PLC (St. Helen's Capital)
Ruari McGirr / Sebastian Wykeham +44 (0) 207 628 5582
About ViaLogy:
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 geoseismology. 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.