Vialogy Share Discussion Threads

[spec7] 09/3/2014 23:02

We dont do anything anymore so not a lot off point in exhibiting. Do they have a investor sponsored Chairman's retirement fund stand ?

[sharemasterflash] 09/3/2014 22:56

we are not on the exhibitors list?!

geo2014 Looks like a very big event.... CGG and Chevron are there though...Now would be a good time to co present those results for Chevron!

[dj trading] 09/3/2014 19:42

I see TP is quoting MW again on cash!

Well if they had £1.5m and no liabilities at 27th Jan. I'll eat my hat - and with TP/MW burn estimated at £250k/annum they are presumably expecting cash of over £1.45m at YE in 3 weeks.

My estimate is £1.25m or lower - perhaps we will find out who is right before Sept 31st this year - How about a TS on 1st April!

As I and others have said there will have been considerable legal fees, broker fees, advisor fees and other costs associated with placing and capital reorg and in addition I think they will have built up a significant Creditor balance possibly including senior staff and Directors salaries for the period to 31 Dec 2013.

[jimb2] 09/3/2014 11:03

Looking back at the finals it's obvious the restructuring was in planning well before end of October, I think the only significant change was the departure of TB and PR.

So have a read of SG's report:


27 September 2013

Chief Technology Officer's Review

Today, we see opportunities to position ViaLogy for new growth driven by a step change in the maturation of the QuantumRD software platform over the past year. Contracted project outcomes, successes on some of the most difficult hydrocarbon reservoir discovery and mapping challenges in multiple geologies around the world, and, our sustained technology push to extract and offer more value from seismic than the industry norm, are now creating new revenue channels for the business.

QuantumRD,ViaLogy's core software based seismic signal processing platform, is capable of extracting reservoir properties from ultra-weak seismic amplitudes that have traditionally been discarded and filtered away as 'noise'. Some of this rejected data, previously considered 'random and meaningless' in conventional seismic processing, is actually useful signal. Our technology analyzes reflected seismic signals from subsurface strata by transforming them into the quantum domain. QuantumRD accomplishes this by utilizing a synthetic noise source (that is, a representation suitable for exploitation by quantum resonance algorithms) derived from known rock-physics and well log data. This synthetic noise is then used to probe the transformed seismic data sets in order to detect, amplify and characterize changes in weak amplitudes in low and high frequencies. This previously hidden information can be indicative of the presence of pre-specified levels of porosity, shale and fluid presence. Subtle changes in rock and fluid properties are detected as emergent computational resonances in the quantum domain. As part of the analysis process, QuantumRD deconstructs conventionally processed seismic datasets into millions to billions of smaller volume cells (or voxels). Each voxel is analyzed individually in the quantum domain to detect porosity, shale, and fluid presence, and then reassembled to build a reservoir from the bottom-up. Our workflows for porosity; quantitative volume of shale/carbonate/clay in rock units; hydrocarbon/brine presence and saturation; fracture mapping; algorithmic use of synthetic noise to seek quantum resonances represent a paradigmatic departure from conventional geophysical workflows and offer the potential to see reservoirs and geological events below seismic resolution.

This reporting period we focused our engineering effort on two themes:

-- QuantumRD Automation & Scaling: Reservoir geophysical interpretation is still an art,a subjective, human intensive and iterative process. Our new workflow engine within QuantumRD, potentially makes it a very collaborative, scalable and automated 3D seismic interpretation tool in the industry. Now end-to-end workflow sequences can be implemented to simultaneously analyze multiple zones in multiple sandstone, carbonate, shale settings while also allowing results to be stress tested under multiple hypothesis. This software engineering accomplishment makes QuantumRD enterprise grade software,allowing multiple analysts in co-located or geographically distributed settings to collaboratively work on one or more prospective reservoir zones.

QuantumRD can be deployed out of departmental server clusters, lights-out data centers, public and private clouds. Our new Distribution Engine incorporated within QuantumRD now autonomously deploys QuantumRD processes to use all available, authorized hardware, dramatically increasing hardware utilization and throughput.

These advances have already had significant operational outcomes for ViaLogy, removing some growth bottlenecks. Rather than spending months, waiting for clearances for overseas seismic data to arrive to our US offices for processing, we can push-out QuantumRD to data centers in different countries for in-country processing and remove the software upon project completion (flexible, dynamic deployment). We can securely move QuantumRD and new project-specific workflows, as enterprises today move data.

-- Business & De-Risking Value of QuantumRD results: QuantumRD covers the "last mile" in drill-planning, as our results provide the key reservoir indicators for making well positioning decisions. We continued to reinforce our premium pricing by demonstrating superior information product and reservoir results, and adding more breadth and depth to our services. Our primary customers contract with us to solve their most difficult problems in the areas that are hard to image seismically. This increased capability means that in recent projects we received the same per km2 pricing for QuantumRD services for analyzing thin vertical stratigraphic sections as we did two years ago for sections that were 10 times thicker. This is in part because there is extremely limited capability in the marketplace that can try to see net hydrocarbon pay zones or porosity in tight sands and carbonates (50% to 75% below seismic resolution).

Our technical progress led to significant business outcomes in the past year:

-- CGG-ViaLogy Business and Technical Agreement resulted directly from the potential value QuantumRD brings to sophisticated E&P customers, as well as the scalability and automation we have brought to hydrocarbon reservoir characterization. CGG's global network of seismic processing data centers and deep expertise in most basins provides an ideal global deployment platform. CGG's offer and collaboration to take QuantumRD to some of their key customers as a next step to quantify business value changed our marketing plan to focus on this channel. We are currently looking at CGG facilitated initial projects in different continents, to be implemented within CGG best practices. These projects will be extending the reach of our value proposition to deepwater pre-salt, post-salt and salt-dome formations. Notwithstanding the business potential of this relationship, expansion of this collaboration will be driven by technical results; QuantumRD's ability to synergistically leverage high data quality offered by their stateof the art seismic acquisition and processing technology; and our ability to closely work with CGG country managers on basin specific challenges.

-- Chevron-ViaLogy Collaboration on Horizontal Well Positioningin the US Delaware Basin. We have continued to stress QuantumRD to map out and characterize pay zones within tight sandstone and unconventional shale. Drilling outcomes in new areas recently analyzed by ViaLogy, and the accompanying rigorous validation for accuracy and predictive performance, could change how horizontal well trajectories are planned. In the last project, we jointly defined a QuantumRD workflow and products that are customized to basin requirements and decision-making. Chevron contractually expanded the scope of our services to include seismic modeling to develop a new process for assessing seismic data quality to mitigate risk and uncertainty. We are currently in discussions regarding the deployment of our workflow customized for Chevron as a standardized offering on their additional leaseholds in different basins.

-- Expression of Business Interest in China, Middle East and Latin America. This past year we met with some of the largest oil & gas operators in leading energy markets and presented to their senior technical and management staff. We can confirm their recognition of QuantumRD value, technology and business interest. We will be providing updates as business agreements for QuantumRD services are concluded.

Substantial progress and maturation of QuantumRD coupled with the reach of QRI ultra-weak signal processing creates a point-of-opportunity for broadening our current business by opening new product and revenue lines. In conjunction with our customers and technology partners, we are considering a business expansion in three areas:

(a) Oil & Gas Adjacent Markets in seismic analysis, to include 4D Monitoring, water/CO2 injection monitoring for secondary and enhanced recovery, and microseismic analysis. From a business standpoint, these markets pair QuantumRD usage over the entire life of the well and field. We can deliver value to the hydrocarbon extraction process as well, rather than just being limited to pre-drilling. Our ability to image fluids offers a unique differentiator in monitoring fluid flow, subsurface pressure displacements and fluid recharge that could have a substantial impact in operational costs and production during enhanced recovery.

(b) fracSense: We are looking at developing and offering a post-frac hydrocarbon flow monitoring solution that combines ultrasensitive QRI-enabled geophones with our Sensor Policy Manager(R) (SPM) software designed for sensor integration. Combining our two mature software products, this solution will monitor reservoir events and degradation of frac performance and permeability over time. This is currently contemplated as a fabless line of business in conjunction with a geophone OEM.

(c) Electromagnetic Fluid Mapping: To date, signal processing and low cost acquisition has limited commercialization and widespread adoption of electromagnetic imaging in mapping fluid distributions and reservoir boundaries for accurate resource estimation and water invasion. We plan to re-visit this promising but challenged modality with our technology with a view to developing a solution that can provide a strong complement to seismic.

In summary, in the coming year we foresee growing QuantumRD revenues with current and new customers and maximizing sales reach through our CGG channel; and, at the same time, we forsee a course which adds product offerings and results in additional revenues starting in 12 to 15 months. Our choice of new focus areas converges and builds on core competencies and our previous significant investments in QRI and Sensor Policy Manager products, while driving growth in the energy markets where we have anchor customers.

Dr. Sandeep Gulati



Seems pretty consistent with the AGM presentation on the future product development.


So why have we not seen any progress since September, are these opportunities still alive?

[twix386] 09/3/2014 10:08

agree Spec7,

Someone on the BOD needs it, that's all.....
SG had the tech ability, but a collective lack of commercial ability throughout.
aimho

[spec7] 09/3/2014 08:54

I could disagree with that !!

I saw Bonds video and my impression was he was atrocious on the tech as well.

[twix386] 09/3/2014 07:50

GP2,

agree, as I said myself "Almost defies description the number of opportunities that got top billing and yet conversely died a death or take such an eternity to yield so little to date."

The problem was reportedly mentioned in a chat a poster had with AR when he reported AR as saying the BOD were good on the tech and atrocious commercially. Can't guarantee that was the exact wording, but I think it actually was.
Who, apart from F11, could disagree with that and AR! lol

[alimo] 08/3/2014 20:25

Seems amazing that the company nomad or our broker or the company secretary or SOME official body/person/director hasn't the gumption or wit to step up to the plate on behalf of all shareholders to investigate what the new Board are doing with the money they have successfully raised to get us going again. I read a good number of the posts, but none mention whether the lack of info coming from the BOD actually breaches fiduciary duties of the professional codes these guys are supposed to work within in order to gain our trust in the first place. Somebody said a couple of posts ago that discussions have been underway for well over six months now, so why can't these professions intervene and force out a short statement, just for now, to be followed by a detailed report giving plans for our future.

We cannot afford cover-ups and diplomacy - we need hard facts and hard nosed businessmen to steer this company, somewhere. Some of you say that AR has these qualities - so why are we now in March and still don't know what he's up to. Can a shareholder or the FCA on our behalf knock on his door and get more than platitudes? S'pose I'm just saying what all you guys are saying, and I should find the time to phone the officials myself.

[gemstar2] 08/3/2014 19:13

Good posts MC

" Almost every aim stock I have invested in suffered from the same issue - over optimism of puerile, baroque and satanic proportions. "

Amen to that

[greenpastures2] 08/3/2014 16:54

Best to go on the track record and numbers MC.

Sandeep's presentations made QRI and QRD sound wonderful. I came away from each AGM I attended feeling good about the possibilities but they all seem to have run into the sand- micro-arrays, border control, pipelines and oil exploration.

I would like to know what the problem is? Probably never will though.

[twix386] 08/3/2014 13:59

Indeed Jimb2,

Once again we thought things were likely more advanced and likely better managed than they were. I suspect that's because of the same old BS we get fed to vote things through and allay our doubts.

Another 9 months to go until we are handed back the IP, although SG made it clear he wasn't part of the hand-back so no doubt if they don't get funded by then, they will make an offer that's even worse than the VEC terms and we will again accept or it's curtains mark 2.0 for QRD. At that point i'd like to hope VIY under AR has made good progress and I will tell VEC BOD to poke off or work for VIY under a commercial performance reward scheme!

Almost defies description the number of opportunities that got top billing and yet conversely died a death or take such an eternity to yield so little to date.
Some may remember I stated early on the issue that would scupper us was running out of money inspite of all the touted good progress etc etc. We had a finite time in which to secure revenue and we didn't make it.

I so want to see a change from the hope and promise, to see contracts and revenue. Will it now happen with VEC where it didn't as original VIY?

[jimb2] 08/3/2014 11:49

Well we must have been in discussions for six months at least,


29th Oct 2013:

With regard to the VEC Funding, preliminary discussions are
currently taking place with a number of US based institutions
as well as with certain existing ViaLogy customers who have
indicated interest in possible participation in the funding of
VEC.


You have to wonder why nothing has been announced to date,

GL

[twix386] 08/3/2014 07:37

MJ

Shut the door on the way out please. lol

That's the kind of hope and promise we've had for a decade. I totally believed it once. Then I saw and raised the concerns I felt were used to hide behind and manage a situation that was talked of as incredible and in line with the business plan etc, yet never came to deliver anything more than disappointing and drawn out, marked by BOD greed and inspite of it all, a startling failure time and again to meet their own goals, timescales and rhetoric.

When I look at the pipeline of potential contracts that we still wait for even one bit of news on, together with any meaningful revenue, would anyone be surprised that VEC ultimately fails to gain the investment required or material contracts in line with revenue requirements. I still expect to achieve it, but there must be significant doubt as the BOD seem to suggest things are always going well or if not remain silent, that is until springing a nasty surprise or having someone else point it out and embarrass them.

Until VEC gets a significant contract award or two AND funding, I ain't going to change my mind regarding the old BOD's overall record being one of commercial failure, whilst hiding information when able and to me it screams incompetence in key areas.

A Business update on all active contract negs wouldn't go amiss so we can actually find out how things are and how many others like BP are no longer being mentioned. i.e. Vialogy speak for active contract negs ended months/years ago!!

I may well have been one of the old BOD's biggest critics over the years, but I have had reason, as became clearer and clearer and then evident.

[major courtenay] 07/3/2014 19:32

Hi JSB. At the risk of boring everyone silly, I actually think it's a bit more complicated than that.

Re (a) The major oil service/seismic companies are coming round - slowly. (I know everyone was sick of hearing that from the old BOD). However, the key thing to remember is that QRI/QRD is neither a magic bullet nor the only kid on the block. Through portfolio working of conventional seismic tech, the oil industry is currently able to source high quality detection and mapping without recourse to new alternatives.

Re (b) The savings afforded by QRI/QRD exist. Gente, Chevron and CGG realise this. The problem is whether the savings are of an order of magnitude to warrant a novel and potentially expensive reevaluation of current seismic investment.

There are a whole raft of other factors involved, imv, eg:

1) If it ain't broke, don't fix it. Current extraction models work pretty well. The big oilies don't need to get more oil out of the ground than current rates. No ones wants a flooded market.

2) Inertia, instransigence and vested interests rule. There are a lot of cosy relationships that VIY had to overcome, and which we were in the process of overcoming, but it was a longer and harder fight than the BOD realised. (I know many will be sickened by hearing that statement again, but I think it's true).

3) Sandeep knows his technology works and continues to persevere and grow relations with the coroporate partners above. It is "possible" that relations in some areas are more advanced than we know and this prompted his move re VEC. (N.B. I am well aware I'm bordering on conspiracy theories here...)

4) A part of me wonders if, in the coming years, as oil stocks dwindle, the likes of QRI/QRD and other novel technologies will come in to their own. Essentially, we tried too soon. Just a part of me wonders it, mind. Oilies I know tell me that there is still plenty of the black stuff coming out of the ground at pleasing rates. They concede that those rates are bound to dwindle, but it is difficult to ascertain time scales.

Sticking my neck on the block, I am willing to bet that VEC is ultimately very successful, and if it isn't, it will be because it is beaten to the wire by a company offering a very similar product based on different tech and ip.

Yup. I fully concede I am absolutely potty and need to move on and get a life. Granted. 100%. I just happen to believe the tech works and is very slowly seeping into the consciousness of the oil industry. There will be a time in the years to come, when we say, "oh yeah. It did work".

I'll get me coat. Have a good weekend all!

MC.

[jsbach123] 07/3/2014 17:30

Is it more likely Major Courtenay that: (a) all the major oil companies have for the last three years been willfully blind to the results that SG has said that his tech can deliver; or (b) that the tech does not and can not offer commercial advantages in exploration efforts?

[twix386] 07/3/2014 13:59

sold a few since original (first) RNS for Jan.

[flotsome] 07/3/2014 13:56

Bob Morton investment vehicle

[major courtenay] 06/3/2014 18:02

I have a feeling I may not be allowed to paste the link below, (if it has disappeared, you'll know why...) but the FT today has an interesting article about the need to cut costs in oil exploration. You will need to be an FT subscriber to be able to read it in its entirety, but you can guess the gist. Article title is:

"Big oil counts the cost of tapping new discoveries"



I still believe SG has a winning tech. Whether we ever get to see any of the profits of that tech in a meaningful way is of course now another matter!

MC.

[jimb2] 05/3/2014 11:23

Interesting,




Doh!

[gemstar2] 04/3/2014 19:13

Does the AIM share exist that does not involve endless waiting (usually 10 years and upwards) and endless dilution?

And endless endless hype in the early years?

[spec7] 04/3/2014 10:32

Seems to be support at .02p

[babbler] 04/3/2014 10:02

There is hope. Look at Vmp! Lol