http://www.vialogy.com
As the website states... "ViaLogy detects subsurface gas and oil by amplifying seismic data images"
Interesting, but is this another technology startup due to fail?
Going by the recent news flow I think not.
Let's start by going back to April 2012. Vialogy was tasked with identifying drilling locations for a small U.S. exploration company, Atascosa. 3 well locations were identified and drilled and all 3 came up with the goods....
http://www.investegate.co.uk/vialogy-plc--viy-/rns/successful-texas-oil-well-drilled/201204160700233551B/
Commenting on this latest well success Atascosa's Chief Executive, John Mullins, said: "We're very pleased with this drilling and its confirmation of ViaLogy predictions. Based on their recommendations we have increased our lease positions at the prospect. The accuracy of the predictions enabled us to secure approvals from the Texas Railroad Commission (TRRC) to drill additional offset wells at 10 acre spacings. This helps to maximise recovery, and to depart from the TRRC standard field rules that mandate 40 acre spacing between wells. It also ensures we get the best possible financial value from our leases."
Surely this technology would not go unnoticed by the O&G Super-majors?
Correct. Welcome on board Chevron...
http://www.investegate.co.uk/vialogy-plc--viy-/rns/quantumrd-demonstration-to-chevron/201203140700132422Z/
...followed by a contract win with Chevron...
http://www.investegate.co.uk/vialogy-plc--viy-/rns/contract-win/201204230700188161B/
The results of the 'blind' study were presented to the American Association of Petroleum Geologists (AAPG) in Singapore where it was stated, "In fact, the study concluded that 40% of poorly performing wells or dry holes drilled using grid-based placement could have been avoided."
Vialogy, by this time, was starting to attract attention from the geosciences companies. http://www.investegate.co.uk/vialogy-plc--viy-/rns/north-sea-project-underway/201211160700062785R/
So who was this major international geosciences company?
It was France's CGG, a multi-billion dollar outfit. They liked what they saw so much they entered into a business collaboration with Vialogy...
http://www.investegate.co.uk/vialogy-plc--viy-/rns/business---technical-collaboration-with-cgg/201304290700134269D/
"Our relationship with CGG enables us to bid on large projects for international customers around the world and we will look to expand our highly qualified workforce to cope with what we anticipate will be a large increase in commercial work."
In the mean time Vialogy has won 2 further contracts with Chevron plus another with Gente Oil for a project in Ecuador. A full list of news releases can be seen here:
