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ViaLogy PLC (VIY)

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Monday 07 January, 2013

ViaLogy PLC

Filing of QuantumRD patents in nine countries

RNS Number : 8905U
ViaLogy PLC
07 January 2013
 



VIALOGY PLC

FILES QUANTUMRD PATENTS IN NINE COUNTRIES

 

London, UK January 7, 2013. ViaLogy PLC(LSE/AIM: VIY) announces completion of certain patent filings in nine key energy markets and preliminary filings in the European region for QuantumRD, its core seismic data interpretation technology for reservoir discovery and hydrocarbon resource estimation. These additional filings further strengthen  ViaLogy's intellectual property in anticipation of expanded usage in countries such as India where ViaLogy is already working with ONGC, or to support opportunities for adoption of QuantumRD in new territories.

ViaLogy believes that the technology has reached a level of maturity, capability and scalability that warrant extended patent protection. Enforceable coverage in specific national markets is essential because the laws of the country where the technology is used have legal precedence over the technology's country of origin. The filings cover QuantumRD use in conventional sandstone reservoirs, carbonates and nonconventional shale oil/gas plays for both onshore and offshore use. They are timely, inasmuch as ViaLogy is already working with large clients who have a global footprint. The nine countries are Brazil, China, Russia, India, Canada, Mexico, Qatar, Bahrain and Israel; the regional filings are those 38 countries covered by the European Patent Convention. ViaLogy now maintains the option of filing in each of those countries.

ViaLogy has already received from the US Department of Commerce an EAR99 export approval classification for oil and gas exploration and field development using QuantumRD® to offer services and licensing in all the above designated countries. 

ViaLogy CEO Robert Dean said, "Our business strategy is to secure patents globally for QuantumRD, reflecting what we believe will be its widespread future use and the fact that the exploration and production industry is global in nature. Our EAR99 approval, global patent allowances and filings for QuantumRD, and for the underlying core technology Quantum Resonance Interferometry, are attractive for clients as they prioritize which country-specific oil and gas fields to develop with this technology. We felt some urgency to file because of our efforts with prospective clients, and we don't want to risk the technology being used in markets where it's not protected."

For further information contact: 

ViaLogy PLC

Terry Bond, Chairman - UK & Europe +44 (0) 1235-834734   

Nominated Advisor and Broker to ViaLogy PLC (Seymour Pierce)

Mark Percy/Catherine Leftley, Corporate Finance +44 (0) 20-7107-8000

Katie Ratner/David Banks, Corporate Broking +44 (0) 20-7107-8000

 

About ViaLogy:

ViaLogy provides reservoir characterization, geophysical imaging and hydrocarbon sizing services to global oil and gas customers based on proprietary, patented active signal processing technology. ViaLogy's QuantumRD platform assists clients in de-risking prospects over a broad range of subsurface lithologies and complex stratigraphies to generate drilling targets, position offsets and enhance recovery.   ViaLogy's core technology rapidly and accurately detects weak signals buried in high noise background and clutter, and is applicable to active/passive seismic, electromagnetic and magneto telluric data. By exploiting normally disregarded noise variations induced by changes in porosity, fluid presence and permeability across the formation, and adding computer-designed noise to the data, ViaLogy is able to amplify subtle noise variations to enhance areal and depth resolution in complex lithologies that are not achievable through conventional means. For more information on ViaLogy, visit www.vialogy.com.


This information is provided by RNS
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