9th Nov 2007 09:00
Imperial Innovations Group plc09 November 2007 9 November 2007 Licensing of Intellectual Property to Edinburgh Petroleum Services Imperial Innovations Group plc (AIM: IVO), today announces that it has licensedto Edinburgh Petroleum Services Ltd (EPS), a subsidiary of WeatherfordInternational Ltd., the Deconvolution algorithm software developed by ProfessorAlain Gringarten, the Chair of Petroleum Engineering at Imperial College and aworld authority on well testing analysis, and Dr Thomas von Schroeter, an expertin signal processing at the Department of Earth Sciences at Imperial CollegeLondon. Software containing complex mathematical algorithms is used extensively by theoil and gas exploration and production (E&P) industry to analyse data andresults gathered from tests on appraisal oil wells. Recent improvements in welltest efficiency to minimise the amount of oil that is burnt off during the testprocess, have altered test output data. This has created a need for new dataanalysis techniques. The Deconvolution algorithm software provides a key answerto this need for accurate data analysis and interpretation. EPS will use the Deconvolution algorithm software as part of its EPS PanSystem(R) software package, a product used extensively in the E&P industry foranalysing the results of well testing. Susan Searle, CEO Imperial Innovations said, "This new software developed byworld class inventors at Imperial College and licensed to Weatherford shouldsignificantly improve the efficiency of the well testing process," "We wanted to get the best deconvolution algorithm both for PanSystem clientsand to analyse data from our optical pressure, temperature and flow sensors,"commented Laurence Ormerod, VP Solutions Architecture for Weatherford. "It wasclear to us that Imperial had the right expertise for our needs." . -Ends- For more information contact: Imperial InnovationsSusan Searle, Chief Executive Officer +44 (0)20 7594 6591Lucy Ahfong, Marketing Communications Executive +44 (0)20 7594 6644 M:CommunicationsPatrick d'Ancona / Eleanor Williamson +44 (0)20 7153 1539 JP Morgan Cazenove (NOMAD to Imperial Innovations)Steve Baldwin +44(0)20 7588 2828 Notes to Editors About Imperial InnovationsImperial Innovations is one of the UK's leading technology transfer andcommercialisation companies. The company was founded in 1986 and its ordinaryshares admitted to trading on the AIM Market of London Stock Exchange plc inJuly 2006, raising £25 million at an offer price of 365p and £1 million by meansof a public offer. The company's integrated approach encompasses the identification of ideas,protection of intellectual property, development and licensing of technology andformation, incubation and investment in technology businesses. A wide range oftechnologies are commercialised within the areas of healthcare, energy,environment and emerging technology trends. Based at Imperial College London, the company has established equity holdings in74 technology businesses and is managing 133 commercial agreements as of 31 July2007. Imperial Innovations also commercialises technologies originating fromoutside Imperial College through incubation contracts with the Carbon Trust andWRAP and has commercialisation contracts with a number of multinationalcorporations including BAE Systems. www.imperialinnovations.co.uk About Weatherford Weatherford is one of the largest global providers of innovative mechanicalsolutions, technology and services for the drilling and production sectors ofthe oil and gas industry. Weatherford operates in over 100 countries and employsmore than 35,000 people worldwide. www.weatherford.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Imperial Innovations Group