Ikon Science Wins $4 Million Contract from Oilexco

Ikon Science has been awarded a follow-on $4 million contract by Oilexco. Under the two year contract, Ikon Science will provide support for geoscience modelling and reservoir characterization for Oilexco's program of exploration, appraisal and development drilling in the UK North Sea.

Ikon Science has worked with Oilexco over the past two years and is credited with helping Oilexco discover in 2004 the 100% owned Brenda field, and its satellite, the 70% owned Nicol field.

Oilexco has the Transocean Sedco 712 semisub on contract until March 2008, and is planning a full drilling program.

Ikon Science will use its proprietary technology, software packages; ChronoSeis®, RokDoc®, and Fault X®, to help Oilexco plan production drilling on the Brenda and Nicol fields, and exploration and appraisal drilling on a number of Central North Sea prospects and discoveries.

Under the contract, Ikon Science will also be working with Oilexco's engineers and development teams to plan how their discoveries will be managed over time, including using 4D seismic data over production assets.

Oilexco President Arthur Millholland said: "This relationship keeps us at the cutting edge of North Sea subsurface practice. Ikon Science will be helping us to continue the momentum of our aggressive program of exploration, appraisal and development drilling in the UK North Sea."

Ikon Science Managing Director Martyn Millwood Hargrave said: "We are delighted to be further developing our relationship with Oilexco. This follow-on contract in our expanding services business plus the rapid uptake of our software products from major companies vindicates the investment we have made in our staff and technology development over the last few years."