ViaLogy confident of future oil & gas work
Shares of ViaLogy surged 33% after it said substantial progress has been made in consolidating relationships with major oil and gas exploration companies on three continents during the last quarter of 2011.
Shares of ViaLogy surged 33% after it said substantial progress has been made in consolidating relationships with major oil and gas exploration companies on three continents during the last quarter of 2011.
In Asia, a contract with a national oil company is waiting government approval to transfer seismic information before it is signed, it explained.
In the US, a pilot contract with a big client has been completed and for a large independent exploration company a blind test determined porosity features across a 60 sq km prospect in Texas.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Meanwhile in Europe, ViaLogy scientists briefed over 50 company geophysicists around the world on QuantumRD, its computational weak signal processing technology, which helps the discovery, characterization, and sizing of hydrocarbon deposits.
Commenting on the company's progress, CEO Robert Dean acknowledged that while there have been, "Unforeseen delays unrelated to our work have affected the consummation of contracts," progress was being made with major oil and gas exploration.
"Running this gauntlet of rigorous technical scrutiny takes time and concentration, but is at the heart of client recruitment for us in this 'big tent' part of the industry. It will serve ViaLogy well going forward, and should result in contracted project work," said Dean.
--
cj
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
Where are ISA savers and investors putting their money?
With less than three months until the end of the tax year, where are ISA savers and investors putting their money? We look at the latest ISA trends.
By Katie Williams Published
-
More than £53 billion held in fixed-rate cash ISAs will mature by April - where should savers move their money?
If your fixed-rate cash ISA is maturing soon, we look at the options available to you
By Ruth Emery Published