ViaLogy to Analyze Three Buckingham Fields

July 17, 2009 at 12:04 am Leave a comment

ViaLogy PLC has signed a multi-site services contract with The Buckingham Group of San Angelo, TX, to provide analysis on three separate lease prospects using its proprietary QuantumRD™ reservoir characterization, sizing and subsurface interpretation technology.

The Buckingham Group represents six affiliates, including a drilling company, oil and gas operator, a land management and acquisition company, investment companies and a well service company. Collectively, the group drills about 50 wells per year throughout Texas, where it holds multiple leases with extensive drilling rights.

ViaLogy’s deliverables will include characterization of hydrocarbon reservoir boundaries, subsurface formations, lithology and depth, as well as porosity estimates and recommended drill locations. QuantumRD provides a competitive advantage over conventional processing techniques in being able to discern subsurface features more accurately.

Under this contract, Buckingham and ViaLogy will target both exploratory and development wells in the 3,000 – 9,000 ft depth formations. QuantumRD will be used for analysis of multiple subsurface imaging modalities including seismic, geochemistry, magnetic and satellite datasets. Contract terms provide Vialogy with both a service fee and a success fee, paid as a working interest in all three wells.

Buckingham CEO Darryl Buckingham commented: “We are encouraged by the technology ViaLogy has introduced to the industry and expect that it will mitigate risk and provide us with a critical advantage. We are particularly looking to deploy QuantumRD for reserves on the eastern shelf of the Permian basin, where conventional 3D seismic has been unreliable and difficult due, in part, to the heavily fractured nature of underlying geology. We like ViaLogy’s approach to sharing the risk. They will receive a services fee, and when we complete wells to production, they will receive a percentage of the recovery as a success fee.”

ViaLogy’s technology rapidly and accurately detects weak signals buried in high noise background and clutter to solve problems involving sensor integration and information overload challenges involving control sensors and for enhancement of numerous signal processing applications.

Vialogy CEO Robert Dean said: “We are delighted to partner with the Buckingham Group and their production and geology teams. They have a very impressive staff with extensive experience and the vertically integrated resources to explore and drill aggressively. This collaboration will allow us to broaden the spectrum of formations where QuantumRD could add significant value.”

www.ViaLogy.com

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Entry filed under: Data & Knowledge Management, Geoscience & Exploration Solutions. Tags: , , , .

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