Resource Round-up: ViaLogy, Berkeley Mineral Resources, Nostra Terra
Date: Monday 16 Apr 2012
Shares in oil exploration technology firm ViaLogy leapt in early trading on Monday after the firm said one of the early adopters of its technology, Atascosa Exploration had successfully drilled another oil well in Texas using analysis provided by ViaLogy products. The latest success is the third commercially successful well Atascosa has drilled in the area using the new technology's recommended co-ordinates. Under its contract with Atascosa, ViaLogy will receive a 5 per cent Back-In-After-Payout (BIAPO) working interest. This means that the royalty will be paid on the net amount after drilling and production expenses have been covered. "We have made good progress in our discussions on new commercial services contracts for QuantumRD with [oil and gas] majors and should be able soon to comment publicly," said Robert Dean, the Chief Executive Officer of ViaLogy.