HOUSTON--(BUSINESS WIRE)--NEOS GeoSolutions, Inc. today announced that it has delivered the final results for Phase I of its integrated geological and geophysical study in Argentina’s Neuquén Basin to the project’s underwriters, a group that includes a North American supermajor. The company has also secured underwriting from prior Neuquén neoBASIN™ underwriters to expand the program in an adjacent Phase III area by an additional 10,000 sqkm. Once Phase III is imaged and added to the Neuquén data library, NEOS will have nearly 31,000 sqkm of high-quality subsurface data available for license to oil & gas and minerals’ firms interested in exploring in the area.
Carlos Fernandez, General Manager of South America for NEOS, commented, “We are pleased to have concluded the first phase of our Argentine program. By conducting a multi-measurement neoBASIN survey over the western portion of the Neuquén Basin, NEOS has helped geoscientists to better image and understand several geologic features that are of interest, including basement topography, localized sediment packages and intrusives, regional fault systems, and the variation in relative liquids content of the target shales in the survey area. We applied our geostatistical ‘predictive analytics’ technique to all of the acquired datasets, which helped us to identify several of the more prospective areas for further exploration and development. On this project, we tuned our predictive analytics methods to work in a relatively unexplored portion of Neuquén where few well control points exist. This has strengthened our geostatistical methodology and provided us with even more capability to highgrade acreage in frontier areas.”
For Phase I, NEOS acquired airborne geophysical data over nearly 4,000 square kilometers in the western portion of Argentina’s Neuquén Basin, centered near the El Mollar block. These measurements were combined with additional geological, geophysical, and well data available in the public domain, from third-parties, and from NEOS’s clients, and were simultaneously interpreted to render a more accurate, cross-correlated, 3-D depiction of the sub-surface Earth.
Results of the Phase I survey will be available to non-underwriters on April 1, 2013 following a ninety day waiting period. An additional 17,000 square kilometers of multi-measurement data has already been acquired in a Phase II extension area to the west of the Phase I area; results are expected to be available to program underwriters before the end of the first quarter 2013.
Mr. Fernandez continued, “We believe the results of the Phase I survey have provided critical insights about Neuquén’s structural history, basin architecture, and exploration potential to the oil & gas companies that underwrote the program. This is evidenced by the fact that they have now underwritten a Phase III expansion that will increase the amount of acreage we will have surveyed in Argentina and be able to offer for license to other natural resource companies.”
Data acquisition for the Phase III expansion is scheduled to begin in the second quarter of 2013 and cover approximately 10,000 square kilometers of prospective acreage to the east and south of the original Phase I survey area. Results are expected to be available to non-underwriters by the end of 2013.
A narrated slideshow highlighting the results from the Neuquén Phase I neoBASIN program is available at: http://tinyurl.com/Neuquen-PhaseI.
About NEOS GeoSolutions
NEOS helps exploration teams in the onshore oil & gas and mining industries make faster, more informed decisions about where to explore, lease and drill. In partnership with its clients, NEOS acquires and simultaneously interprets multiple geological, geophysical, and geochemical datasets to identify hydrocarbons and minerals in the subsurface. The company is backed by a group of internationally recognized investors, including Bill Gates, Energy Capital Group, Goldman Sachs, Kleiner Perkins Caufield & Byers, and Passport Capital. For more information, visit www.neosgeo.com.