March 23 - ViaLogy said its QuantumRD oil exploration technology helped a U.S.-based explorer in locating new oil deposit on Galba Prospect in Texas for which, ViaLogy could receive around $4 million.
The drilling effort and oil strike based on the ViaLogy analysis located reservoirs at an increasing depth, estimated to contain a total of over 2 million barrels of recoverable reserves, the oil and gas technology development company said in a statement.
The company, which expects QuantumRD to help firms to avoid drilling dry holes, said its technology accurately predicted the size, location and porosity of three reservoirs.
ViaLogy plans to market the QuantumRD technology and service initially to U.S. independent exploration companies, it said.
Shares of the company rose 72 percent to 3.875 pence at 0915 GMT on the London Stock Exchange. The shares touched a high of 4.25 pence earlier in the session.
The drilling effort and oil strike based on the ViaLogy analysis located reservoirs at an increasing depth, estimated to contain a total of over 2 million barrels of recoverable reserves, the oil and gas technology development company said in a statement.
The company, which expects QuantumRD to help firms to avoid drilling dry holes, said its technology accurately predicted the size, location and porosity of three reservoirs.
ViaLogy plans to market the QuantumRD technology and service initially to U.S. independent exploration companies, it said.
Shares of the company rose 72 percent to 3.875 pence at 0915 GMT on the London Stock Exchange. The shares touched a high of 4.25 pence earlier in the session.
