Petroleum Africa
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Wednesday, August 2, 2006
PRESS RELEASE–Ikon Science, the fast growing, innovative developer of software for the oil and gas industry announced today the acquisition of Durham-based GeoPressure Technology Ltd (GPT). The acquisition enables Ikon Science to provide an integrated software and services solution for the challenges of well targeting and planning and operations, in deep water and high pressure, high temperature (HPTP) environments.
GPT is the developer of the PressureView™ and PressureViewExpressTM software packages which provide fast graphical and quantitative analysis of pressure data with capability for handling thousands of wells. GPT also provides consultancy services, training and multiclient reports extending from research and technology developed by the GeoPOP research consortium at Durham University’s Department of Earth Sciences.
Under the terms of the acquisition GPT’s founder and Managing Director, Dr Richard Swarbrick, will manage and develop the enlarged GeoPressure business at Ikon Science by focusing on providing combining rock physics, geophysical inversion, pressure analysis and geomodelling as part of the Ikon Science software and Quantitative Interpretation services team.
“GPT under Dr Richard Swarbrick has developed world class capabilities and understanding” said Ikon Science Managing Director, Martyn Millwood Hargrave. Ikon and GPT have been working together over the past year, demonstrating the potential to extend our understanding and usage of fundamental rock properties and how they affect the exploration, drilling and characterisation of hydrocarbon reservoirs.
“GPT’s experience and technology specialises in understanding the origins of overpressure and how to predict it, creating a tremendous opportunity to combine Ikon’s worldwide rock physics and geophysical expertise with GeoPressure’s knowledge of pressure history. The result is a focused, integrated solution for pore pressure prediction in the future, especially in regions of deep drilling, which are now challenging the oil and gas industry world-wide."
Dr Swarbrick said: “GPT’s experience can provide valuable insights in areas where traditional approaches to pore pressure and fracture strength fail to deliver reliable results. RokDoc® offers a number of approaches to verify the appropriate algorithms for prediction and GPT’s PressureView software suite represents an industry standard visualization of the resulting well profiles.”
Ikon Science’s RokDoc® rock physics software is a state-of-the art tool to examine rock and fluid properties including velocities and other rock properties used in pore pressure prediction.
About Ikon Science Ltd
Ikon Science was founded in 2001 to commercialise and deliver innovative subsurface software in rock physics’ and Quantitative Interpretation services into the worldwide oil and gas industry. The company has over 100 clients, employs 45 people and has offices in London, Houston, Kuala Lumpur, Beijing and Perth WA. It is privately owned with industry investors including Tullow Oil plc and Shell Technology Ventures Ltd.
Enquiries:
For Ikon Science company information
Martyn Millwood Hargrave, Managing Director Tel: +44 (0)20 8943 1122
Ikon Science Ltd www.ikonscience.com
www.geopressure.co.uk
Aquila Financial
Peter Reilly Tel : 020 7 202 2601
Vivienne Macey Tel : 020 7 202 2602
www.aquila-financial.com
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