Ikon Science buys EarthModels

UK software and consulting companies in mind-boggling $2.6 million cash and paper deal.

Last year, David Gawith, MD of UK-based software minnow EarthModels told Oil IT Journal, ‘We are currently seeking a commercial partner to help realize the potential of ChronoSeis.’ His search is now over. Ikon Science has acquired Gawith’s company for a mind boggling $2.6 million cash and paper consideration. EarthModels’ ChronoSeis seismic interpretation package was used by Ikons’ consultants on projects such as OilExco’s Brenda development and on 23rd licensing round bids. Gawith is to continue developing ChronoSeis, as well as Ikon’s RocDoc and FaultX applications.

Millwood Hargrave

Ikon MD Martyn Millwood Hargrave said, ‘ChronoSeis fits well with our business of developing easy-to-use software that helps clients evaluate opportunities with both well and seismic data. ChronoSeis combines speed and rigor. In our Brenda studies, we generated multiple well locations every week. ChronoSeis made it possible for us to combine ongoing well results with rock physics and geological modeling to pick new well locations. Nothing else could do this.’


OilExco CEO Art Millholland added, ‘We used ChronoSeis on our central North Sea Brenda and Nicol developments where it played a significant part in Brenda’s development.’ ChronoSeis provides ‘what-if?’ modeling and model synchronization over the Internet, for remote team working. An ‘entry-level’ geostatistical modeling is available as a hosted solution through Petris WINDS.

Click here to comment on this article

Click here to view this article in context on a desktop

© Oil IT Journal - all rights reserved.