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News and Information Article
Company Raises 5.5 Million Pounds Sterling to Accelerate Production of
Revolutionary Survey Technology
CAMBRIDGE, England, Dec. 14 // -- ARKeX, developer of
proprietary gravity gradiometry technology, has clinched a deal with
Chesapeake Energy, one of the largest independent gas producers in the United
States, to use its pioneering full tensor gravity gradiometer, FTGeX, to
identify promising geological structures in the U.S. Mid-continent area.
"Since our first commercial survey in May of this year, we have had an
overwhelmingly enthusiastic reception in the market to our technology," said
ARKeX Managing Director Kitty Hall. "We have a very strong order book already
for the FTGeX with about 75 percent of 2006s capacity already sold. We are
confident that our proprietary Exploration Gravity Gradiometer (EGG) system
will be recognized as an even more ground-breaking development when launched
later next year."
Chesapeake is one of a growing number of major energy clients which have
conducted successful field trials of the FTGeX technology in North America.
Following a successful initial survey, Chesapeake has committed to a three-
month program to use the technology in early 2006.
"The gravity gradiometry data has significantly improved our geological
understanding of the initial survey area and encouraged us to use it on a
larger area in 2006," commented Chesapeake chief geophysicist Larry Lunardi.
ARKeX also announced it had secured a second-round funding of 5.5 million
pounds from a consortium led by Norwegian investors Energy Ventures and backed
by existing investors, including Scottish Equity Partners, Dynamics and
Eurovestech.
"The new funds will enable us to meet pent-up demand for our services,"
Hall said. "These funds will be used to accelerate our expansion of capacity
as well as the opening of a U.S. office. With this revolutionary technology
and the success weve had in such a short period, we expect to play an
increasingly important role in the North American oil and gas exploration
market."
The funding round follows the successful commercial launch earlier this
year of ARKeXs FTGeX gravity gradiometer. ARKeX, which was formed in
Cambridge, England as a spinout from both Oxford Instruments Superconductivity
Ltd and ARK Geophysics Ltd, raised initial venture capital funding of 4
million pounds in 2004.
David Sneddon, Director of Scottish Equity Partners Energy-Related
Technologies group said, "In a short time ARKeX has gone from launch to having
field crew out generating revenue with a product that is in high demand by
major energy companies. The FTGeX has impressed clients this year, and in 2006
ARKeX will launch an even more sophisticated product into a global market
hungry for this kind of breakthrough technology."
Leif Andre Skare, Investment Manager of Energy Ventures in Stavanger,
Norway, commented, "ARKeX represents the combination of unique technology,
competent management and high growth potential Energy Ventures is looking for
in its investments."
The funding consortium was advised by DLA Piper, Technical Investment
Services Ltd and by Deloitte Statsautoriserte Revisorer DA.
ARKeX, which has a world-class management team with vast experience in
instrumentation, exploration geology and signal processing, is also making
major strides in the development of its next generation proprietary
technology, the EGG, which will be the worlds first commercial
superconducting gravity gradiometer. The EGG is currently undergoing lab
testing at ARKeXs headquarters and is expected to go into commercial service
in late 2006.
About ARKeX technology
Oil companies typically use seismic reflection surveys to determine
subsurface structure and locate potential reservoirs of oil and gas, but with
certain technical and practical limitations. In particular, there are
limitations in geographic regions where terrain, safety, logistics or
legislation puts either unacceptable cost of planning or execution on the
surveyors. ARKeX is able to solve this by carrying out airborne surveys that
can cover vast areas of land in a short period of time, thus pinpointing the
areas worth further work (seismics or drilling) by the oil companies. The
airborne surveys use gravity gradiometry in combination with magnetics and
laser altimetry. The technology can be applied both onshore and offshore. The
main marketing efforts are currently for the onshore domain, as this is where
the advantages of airborne surveys are the greatest.
For further information, see the companys website --
http://www.arkex.co.uk .
About Scottish Equity Partners
Scottish Equity Partners (SEP) is one of the largest independent private
equity groups in the UK and is currently investing from a venture capital fund
in excess of 100 million pounds, which is backed by leading UK and European
institutional investors. Typically, SEP invests between 500,000 pounds and 5
million pounds in early stage and growing companies, principally in the
information technology, healthcare & life sciences and energy related
technology sectors. With offices in Glasgow and London, SEP is one of the most
active venture capital investors in the UK and has a strong investment track
record. The company also has an excellent track record of identifying
companies with high potential at an early stage and working with them to
realize that potential as they face the challenges of building a successful
business.
Current SEP investments in the oilfield sector include MTEM, which has
pioneering technology in the field of transient electromagnetic surveying for
direct hydrocarbon indication on land and in shallow water. Previous
investments include Core Technical Services, Petroleum Engineering Services,
British Bits and RST Projects.
For further information, see the companys website --
http://www.sep.co.uk .
About Energy Ventures
Energy Ventures manages two oil & gas sector venture funds with a combined
capital base of $140 million. It is based in Stavanger, Norway. The funds
specialize their investment activities in high growth technology companies
within the upstream oil and gas sector.
Target companies are located in the North Sea region and the US, and will
preferably have international potential. The funds invest in high growth
technology companies that successfully market and sell proprietary or unique
technology products or solutions to the international E&P market. More
information can be found on: http://www.energyventures.no .
For further information contact:
For Scottish Equity Partners For ARKeX
Lara Bayley Kitty Hall
Head of Marketing Managing Director
Tel: +44 (0)141 273 4000 Tel: +44 (0)1223 427404
Email: lara.bayley@sep.co.uk Email: kitty.hall@arkex.co.uk
For Energy Ventures US & Canadian Media Inquiries
Leif Andre Skare Karen Litzler or Jennifer Tweeton
Investment Manager Vollmer Public Relations
Tel: +47 51 84 12 92 713-970-2100
leif.andre.skare@energyventures.no Email: karenl@vollmerpr.com
jennifert@vollmerpr.com
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