• Most Popular
  • Most Shared

UPDATE 1-ViaLogy FY loss widens; in pact for 3 onshore prospects

Mon Sep 28, 2009 4:17am EDT

Stocks

   

* Says several potential customers in the pipeline

* Confident of steady progress in the coming months

* FY loss widens to 6.2 mln stg from 5.3 mln stg a yr ago

* Shares up 6.25 pct (Adds details)

Sept 28 (Reuters) - ViaLogy Plc (VIY.L), a provider of sensor technology to oil explorers, posted a wider full-year loss but said it finalized agreements for three onshore oil prospects and that it was confident of steady progress in the coming months.

The company's shares, which have risen 26 percent in the last three months, were up 6.25 percent at 6.375 pence at 0739 GMT on the London Stock Exchange.

ViaLogy, whose patented QuantumRD technology helps firms in locating oil and gas deposits, said to date, it signed contract agreements with six exploration and production companies in the United States and several other potential customers were in the pipeline.

Pretax loss widened to 6.2 million pounds for the year ended March 31 from 5.3 million pounds in the year-ago period.

Revenue jumped more than four-fold to 129,028 pounds.

Loss widened due to non-cash items of 3.8 million pounds consisting of share-based payments and depreciation and amortisation.

In a separate statement, ViaLogy said it finalized project and royalty agreements for three onshore oil prospects with The Buckingham Group of San Angelo, Texas. The contract covers the use of QuantumRD. (Reporting by Purwa Naveen Raman in Bangalore; Editing by Deepak Kannan)



More from Reuters

Photo

U.N. averts climate collapse by "noting" new deal

COPENHAGEN (Reuters) - U.N. climate talks avoided a total collapse on Saturday by skirting bitter opposition from several nations to a deal championed by the U.S. President Barack Obama and five emerging economies including China. | Video

A woman shops at a Sam's Club store, a division of Wal-Mart Stores, in Bentonville, Arkansas June 4, 2009. REUTERS/Jessica Rinaldi

The food-stamp economy

On the last day of every month, shoppers at Walmart load their carts with food and household items and wait for the midnight hour. Is this the new normal in America?  Full Article 

Two men shake hands in a file photo.    REUTERS/File

Let's make a deal

The battered M&A sector will make a tepid recovery in the coming year and three hot sectors will lead the way, according to a Thomson Reuters analysis.  Full Article