• Most Popular
  • Most Shared

ViaLogy gets contract in US, shares rise

Tue Jul 7, 2009 3:45am EDT

Stocks

   

* Gets contract from Texas-based Boa Energy

* Deal to provide seismic data analysis

* Says to get both service fee and success fee

* Shares rise as much as 24 pct

July 7 (Reuters) - ViaLogy Plc (VIY.L), a provider of sensor technology to oil explorers, said on Tuesday it signed a contract with Texas-based Boa Energy Resources LLC to provide seismic and geological data analysis to Boa's oil and gas lease prospects.

Financial terms of the deal were not disclosed.

ViaLogy, whose QuantumRD oil exploration technology helps firms to avoid drilling dry holes, said the contract terms provided it with both a service fee and a success fee, paid as a working interest in Boa's wells.

Boa, with Creed Energy LLC as its operating partner, holds multiple leases with extensive drilling rights in Texas and Pennsylvania, and it plans to drill multiple wells in this calendar year, ViaLogy said in a statement.

At 0738 GMT, ViaLogy shares were up 10.5 percent at 5.375 pence on the London Stock Exchange. The shares rose as much as 24 percent in early trade. (Reporting by Balachander Surianarayanan in Bangalore; Editing by Gopakumar Warrier)



More from Reuters

Major hurdles cleared in Geely bid for Volvo: source

HONG KONG (Reuters) - Ford Motor and Zhejiang Geely have addressed most of the big issues in the pending sale of Ford's Volvo car unit to the Chinese automaker, a source with knowledge of the talks said on Wednesday, paving the way for the biggest acquisition of a foreign automaker by a Chinese company.

» More Top News
Malaysians participate in computer attack and defence hacking competition during The 3rd Annual Hack-In-The-Box Security Conference 2004 in Kuala Lumpur on October 6, 2004. REUTERS/Bazuki Muhammad
Commentary:

Year of the breach

Data security breaches are nasty business and should be avoided at all costs, writes Kevin Prince, a chief technology officer at Perimeter e-Security. Here's a look at the biggest breaches and blunders of 2009.  Commentary 

Technology
A condominium under construction is seen in Miami, Florida October 15, 2007. REUTERS/Carlos Barria

Booming in the bust

For most Americans, the housing market collapsed about four years ago. For three real estate heavyweights, it's just getting started.  Full Article 

Housing Market