CALGARY, AB / ACCESSWIRE / February 16, 2023 / Computer Modelling Group Ltd. ("CMG" or the "Company") (TSX:CMG) is announcing its entry into data analytics with the acquisition of patented AI-based data analytics technology targeting the development and optimization of shale reservoirs from Unconventional Subsurface Integration LLC.
"We are excited to establish our presence in data analytics which allows us to deliver another physics-based solution to a broader range of users. While data analytics in reservoir optimization allows clients to make decisions faster, such tools typically come at the cost of accuracy. The acquired technology leverages pre-run reservoir simulation data, using CMGs simulators, to quickly and accurately predict well interaction and performance in varying development scenarios." said Pramod Jain, chief executive officer. "We are not only adding an innovative predictive technology to our offering but strengthening CMGs commitment to the digital transformation of the energy industry to improve efficiency, cut costs and reduce risks by leveraging data analytics."
It is unique in its methodology of applying analytics to physics-based data for achieving type well matching, optimization in well spacing and timing, as well as maximizing asset valuation and production performance.
Compelling benefits of the technology:
- Significant Time Savings: AI-based analytics reduces data intensive input, and quickly estimates upside value of undeveloped drilling locations using a physics-based approach
- Scalable: Producers can run sensitivities on thousands of wells in minutes for field development optimization with high accuracy
- Financial Assessment: Facilitates well density studies and capital deployment evaluation to maximize new well economics
- Reliable Reporting: Provides quality and integrity in SEC reserves reporting and addresses reservoir engineering challenges for unconventional reservoirs.
"This technology is a targeted, early-stage investment that launches CMGs capability in data analytics and addresses a unique need for our clients with unconventional assets. We can now deliver the fastest physics driven production forecasts and economic analysis for companies operating unconventional reserves" concluded Jain.
Dr. John Lee, a recognized expert in petroleum reserves evaluations and professor at Texas A&M University commented, "This technology allows operators to analyze the adverse effects on production from well interference rapidly and confidently, in ways difficult to achieve with conventional approaches. As a result, it supports improved production forecasts and leads to better asset value assessments."
The acquired technology has been used commercially in several US basins including the Permian Basin. CMG will assume the ongoing development of the technology.
About CMG
CMG (TSX:CMG) is a global software and consulting company providing advanced reservoir modelling capabilities to the energy industry. CMG provides cutting-edge technologies that support critical field development decisions for upstream planning and energy transition strategies. CMG is headquartered in Calgary, AB, with offices in Houston, London, Dubai, Bogota, and Kuala Lumpur. For more information, please visit www.cmgl.ca.
For investor inquiries, please contact:
Kim MacEachern
Manager, Investor Relations
cmg-investors@cmgl.ca
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marketing@cmgl.ca
Cautionary Note Regarding Forward-Looking Statements
This press release contains "forward-looking statements". Forward-looking statements can be identified by words such as: "anticipate", "intend", "plan", "goal", "seek", "believe", "project", "estimate", "expect", "strategy", "future", "likely", "may", "should", "will", and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding the benefits of the acquired technology, the ongoing development thereof; and the ability of data analytics to improve efficiency, cut costs and reduce risks.
Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations, and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements are detailed in the companies' public filings.
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SOURCE: Computer Modelling Group Ltd.
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