Vialogy jumps on news of Chevron contract

Shares in Vialogy rose strongly after it said US oil giant Chevron was expanding its use of the firm's specialist seismic data analysis technology.

Shares in Vialogy rose strongly after it said US oil giant Chevron was expanding its use of the firm's specialist seismic data analysis technology.

The company's QuamtumRD technology will be used over a larger area of the Delaware Basin, which spans parts of west Texas and southeast New Mexico.

Chevron has almost one million acres of holdings across the Basin, which contains several oil and wet gas plays within several thousand feet of hydrocarbon-bearing rock.

ViaLogy said it was using previously exploited vintage 3D seismic to extract more information than previously possible with the objective of doubling the aerial and vertical resolution of standard techniques.

Chief Executive Robert Dean said: "We're pleased by Chevron's decision to expand the contract area, and we look forward to working with them on ever-increasing areas of this most important field".

"We believe our QuantumRD offers a competitive advantage in bringing new efficiencies to placing horizontal wells, and, hopefully, to lowering the overall cost of production," he said.

Vialogy's shares were up 12.5% by 1400.

Recommended

Best junior stocks and shares ISA platforms
Isas

Best junior stocks and shares ISA platforms

A junior stocks and shares ISA is a great way to save for your child tax-efficiently. But it can be confusing deciding which investment platform to ch…
28 Mar 2023
The top funds to invest in
Funds

The top funds to invest in

As market volatility and recessionary fears continue, here are the most popular funds, stocks and trusts investors are putting their money into
2 Mar 2023
The ten highest dividend yields in the FTSE 100
Income investing

The ten highest dividend yields in the FTSE 100

Rupert Hargreaves takes a look at the companies with the highest dividend yields in the UK’s blue-chip index
27 Feb 2023
The outlook for Shell shares is mixed, despite bumper profits
Energy stocks

The outlook for Shell shares is mixed, despite bumper profits

With profits surging, it looks as if Shell is on a roll, but the company’s growth from here is hard to see as Rupert Hargreaves explains.
6 Feb 2023

Most Popular

11 investment trusts for inflationary times
Investments

11 investment trusts for inflationary times

Inflation eats away at the value of your money, but these investment trusts can help you grow your wealth.
28 Mar 2023
Will energy prices go down in 2023?
Personal finance

Will energy prices go down in 2023?

Ofgem’s price cap is now predicted to fall below £2,000, based on average typical use, from July, for the first time since 2022. We have all the detai…
21 Mar 2023
This contrarian indicator suggests we’re at the bottom of the mining cycle
Commodities

This contrarian indicator suggests we’re at the bottom of the mining cycle

Mining might be a boring industry, but investors shouldn’t ignore it, says Dominic Frisby.
29 Mar 2023