QINETIQ ACQUIRES SEISMIC PROCESSING AND IMAGING CAPABILITY FROM SR2020

Transaction Helps Accelerate OptaSense Growth In VSP Services

Farnborough, 21 November 2014: QinetiQ has acquired the seismic processing and imaging capability of SR2020 Inc for a purchase price of up to $1.7m. The transaction, completed yesterday, accelerating the development of QinetiQ subsidiary OptaSense by providing it with state of the art VSP and microseismic imaging services to complement its proprietary DAS-VSP™ acquisition capability.

The transaction will allow OptaSense to provide customers with not only the subsurface seismic data but also analysis, advice and interpretation of the seismic data using world class geophysicists to produce a subsurface image, in an end-to-end service.

Magnus McEwen-King, Managing Director of OptaSense, said: “We have worked with SR2020 to use their ProVSP tool to process our unique DAS-VSP™ data for our customers with excellent results. We are pleased to add their patented capability in high definition borehole seismic imaging to our service offerings. ProVSP is ideally suited to imaging long array data like that of OptaSense DAS-VSP™ and this acquisition adds a team of world class borehole geophysicists to OptaSense that will help deliver an enhanced understanding to our customers ”

Borehole seismic surveys, commonly known as Vertical Seismic Profiling (VSP), have been an industry standard technique for several decades but traditionally require well intervention to insert geophone strings into the well bore. OptaSense DAS-VSP™, which was awarded the Special Meritorious Award for Engineering Excellence in the geosciences category at the E&P Awards 2013, provides operators with the opportunity to obtain high definition borehole seismic images without well intervention which reduces the costs and risk associated well intervention.

The products and service capability acquired from SR2020 will enable OptaSense to offer the full range of Seismic services including VSP and Microseismic acquisition, processing, modelling and interpretation.