12 Aug 2010 07:00
VIALOGY PLC ("Vialogy")
VIALOGY SIGNS SUPERMAJOR CONTRACT
Pasadena, CA, United States, August 12, 2010. ViaLogy PLC (LSE/AIM: VIY) announces that it has signed a master services contract with a global supermajor oil firm, marking an important step in the company's development. The contract with one of the world's top six energy firms prohibits release of details, pending completion in the coming months of ViaLogy's QuantumRD analysis of a large onshore prospect.
Drawing upon previous QuantumRD successes, the expected initial project is to provide accurate predictions in porosity variations over an extensive dolomite reef formation in the South-western United States, enabling much improved net pay estimates and increased commercial recovery. This goes to the heart of QuantumRD's value proposition: accurate porosity mapping is key to optimizing recovery in this type of formation, which is found all over the world. The ViaLogy analysis aims to demonstrate a capability significantly beyond the 3D seismic analysis techniques currently available to the client, and will deliver actionable drilling information extracted from below 3D seismic resolution using the company's patented weak signal detection technology.
The contract introduces ViaLogy's QuantumRD to a top tier client and also to a global market potential.
Robert W. Dean, ViaLogy CEO, commented, "This contract opens an important new door for the company in a hydrocarbon formation similar to that found in many parts of the world and targeted by numerous companies."
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 / 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.