News

GeoPressure Technology Ltd acquired by Ikon Science

(18 August 2006)

A ‘spin-out’ company founded on scientific research at Durham University has been acquired by a leading software business serving the oil and gas industry. Ikon Science, a developer of software for the oil and gas industry announced today the acquisition of Durham-based GeoPressure Technology Ltd (GPT).

GPT is the developer of software packages which provide fast analysis of pressure data with capability for handling thousands of wells. GPT also provides consultancy services, training and multi-client reports extending from research and technology developed by the GeoPOP research consortium at Durham University’s Department of Earth Sciences. Under the terms of the acquisition GPT’s founder and Managing Director, Dr Richard Swarbrick, former lecturer in the department of Earth Sciences at Durham University, will manage and develop the enlarged GeoPressure business at Ikon Science as part of the Software and Quantitative Interpretation services team. “GPT under Dr Richard Swarbrick has developed world class capabilities and understanding” said Ikon Science Managing Director, Martyn Millwood Hargrave. Ikon and GPT have been working together over the past year, demonstrating the potential to extend our understanding and usage of fundamental rock properties and how they affect the exploration, drilling and characterisation of hydrocarbon reservoirs. Dr Swarbrick said: “GPT’s experience can provide valuable insights in areas where traditional approaches to pore pressure and fracture strength fail to deliver reliable results.”