Ikon Science Announces First Commercial Sale Of Breakthrough Ji-Fi Product

Ikon Science announced today in Houston the first sale of the breakthrough Joint Impedance and Facies Inversion product (Ji-Fi) to U.S. based independent operator Murphy Exploration and Production Company, two months after the launch of the software in December.

Ji-Fi offers a revolutionary method to deliver a reservoir model broken down into its constituent facies (water-bearing, oil-bearing and gas-bearing reservoir rock, shale, etc.) using knowledge of the rock and fluid properties that can be inferred from wells and/or from knowledge of the regional characteristics of the different formations, assisted by rock physics.

Ji-Fi is the result of a five-year collaboration with the Australian research institute CSIRO, and was sponsored by Tullow Oil during the last three years of the project. Ji-Fi does away with a number of limiting assumptions commonly used in seismic inversion.

“The purchase of Ji-Fi by Murphy Oil, an independent global exploration and production company, validates the belief held by Ikon Science that this technology will transform the way seismic data is inverted to geological models,” commented Martyn Millwood Hargrave, CEO of Ikon Science. “Ji-Fi represents a game-changing investment for Ikon Science, leveraging our company’s roots in rock physics to deliver seismic inversion accessible to geoscientists around the globe."

More information on Ji-Fi is available at www.ikonscience.com/jifi.

Ikon Science is a global GeoPrediction technology company providing industry leadership in the prediction of reservoir properties, pressures and fluids. The RokDoc software platform integrates Quantitative Interpretation, GeoMechanics and GeoPressure. Ikon Science’s RokDoc software platform and related services are used in over 200 leading oil, gas, energy and service companies throughout the world. Ikon Science, founded in 2001, has over 220 staff. The company is privately owned and investors include Fleming Family & Partners and Tullow Oil plc.

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