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.
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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.
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