ViaLogy (LSE: VIY) has raised approximately £2.88m through the placing of 59.1m new shares with existing shareholders at a price of 4.875p per share. The proceeds will be used in to further expand ViaLogy's Energy business, which uses the proprietary QuantumRD seismic interpretation technology to location and analyse oil well sites.
The QuantumRD technology has primarily been used in Texas, where the product’s first five analyses have all been successful, compared to the states average strike rate of approximately 40%.
"The continuing success of ViaLogy's QuantumRD technology, and its ability to accurately predict the correct locations for well drillings in order to maximise the commercial potential of oil and gas deposits, is causing considerable interest in the O&G industry globally”, ViaLogy Terry Bond commented. “Our achievement is being recognised by exploration companies around the world and the additional funding will be used in part to expand ViaLogy's ability to handle the increased demand for its services".
In order to support the product development ViaLogy is currently recruiting additional geophysicists and mathematicians, and it is acquiring additional sophisticated computer equipment.
The new shares are expected to be admitted onto the AIM market on 2 March 2010.
http://www.proactiveinvestors.co.uk/companies/news/13798/vialogy-raises-288m-to-progress-quantumrd-oil-and-gas-seismic-analyser-13798.html
Proactiveinvestors is a leading multi-media news organisation, investor portal and events management business with offices in New York, Sydney, Toronto, Frankfurt and London.
No comments:
Post a Comment