Ikon Science Acquires Australian Software Developer

London-based Ikon Science announced Monday that it has acquired Australia-based JRS Petroleum Research Pty Ltd. JRS develops integrated software for image log analysis and geomechanics, and offers services to the industry from its offices in Adelaide and Perth. These capabilities complement Ikon Science’s advanced rock physics, geopressure and quantitative interpretation technologies and workflows.

"This acquisition is part of an ongoing strategy to broaden our capabilities by integrating Ikon Science’s traditional strength in Pore Pressure Prediction with Geomechanics to encompass both reservoir and well bore solutions," said Martyn Millwood Hargrave, Chief Executive Officer. "JRS will continue to operate as a stand-alone consultancy while providing technology, advice and services to enhance the reservoir-related offerings of Ikon Science’s software and regional services business."

JRS is a leader in consulting, training and software in the field of Geomechanics and its application to oil and gas reservoirs. JRS was founded in 2001 by experts from the 'stress group' at the Australian School of Petroleum at Adelaide University. Co-founder Professor Richard Hillis, PhD is a noted authority in in-situ stress determination. Led by the internationally-recognized experts Drs. Jerry Meyer and Scott Mildren, the staff of the JRS consulting team are recognised leaders in the field of geomechanics.

The consultancy targets the oil and gas exploration and production industry providing geomechanical and image log related services. JRS has developed its own proprietary software as a platform for processing and analysis. The company applies its expertise to increasing the efficiency of oil recovery, reducing drilling costs, minimising exploration risk and solving problems related to CO2 sequestration, geothermal energy and coal bed methane. Following the acquisition, Prof. Richard Swarbrick, Ikon Science’s global director of geopressure, has been appointed chairman of the JRS board of directors.

Managing director of JRS Petroleum Research Dr Jerry Meyer said, "We are pleased to join the Ikon Science Group at this exciting time for the business and look forward to developing new integrated solutions for Geopressure and Geomechanics to help our clients businesses" Ikon Science will be integrating the software developed by JRS in a Geomechanics Module within the industry-leading RokDoc Quantitative Exploration & Development suite.