GeoKnowledge releases GeoX Workbench 5.2

Our most comprehensive release to date introduces additional new tools, as well as includes a large number of enhanced modeling and usability features

(August 20, 2003) GeoKnowledge, a leading provider of best practice decision support solutions for the upstream oil & gas industry, is proud to announce the release of GeoX 5.2. This new release is part of GeoKnowledge's active collaboration and interaction with our customers to introduce innovative technology that improves the effectiveness and efficiency of their exploration decision-making.

gPortfolioV -- New tool for assessing aggregate performance and value of a portfolio of exploration ventures

The new GeoX/gPortfoilioV tool enables you to rapidly assess the performance and value consequences of "drilling out" a collection of interdependent exploration ventures. Typical uses involve screening studies of the corporate exploration portfolio as part of the yearly investment budget process, evaluation of a commitment portfolio for a concession, and evaluation of a cluster of interrelated exploration investments around a hub or in a play. The main input is the definition of the portfolio of exploration ventures that has been stochastically assessed using GeoX/gFullCycle. Alternative portfolio evaluations can be stored and compared for what-if assessment and portfolio optimization.

Radically extended gScenario tool for probabilistic aggregation of multiple scenarios

The GeoX/gScenario tool's ability to describe and report multiple scenario aggregates has been significantly enhanced. New reports and diagrams present risks, resources and value for each scenario in the context of the overall probabilistic aggregation results. The tool is now designed to support a decision process where multiple scenarios is a key means to assure that decisions consider the full range of uncertainties and risks.

Numerous other enhancements & new features

Additional improvements and extensions apply across the board to all GeoX tools, but primarily to gProspectR for prospect risking and resource assessment and gFullCycle for assessment of full cycle economic value of exploration ventures.

Among the more than 30 enhancements are:
-- Extended trial browsing option in gProspectR, and the new gFullCycle trial browsing option for verification and interpretation of complex stochastic models
-- Four new options for modeling rock volumes for gProspectR
-- New feature for rapid entry of depth dependent area, thickness and GRV estimates
-- Additional fiscal regime modeling options, including explicit state participation
-- Hyperbolic production decline modeling option
and much more….

For more information contact your account manager, mail us at sales@geoknowledge.com or contact one of our offices in Houston or Oslo.

For press contacts, please contact GeoKnowledge CEO Charles Stabell or business developer Pili Drangert-Hveding on +47 2294 1120.

GeoKnowledge(www.geoknowledge.com) is a vendor of leading-edge decision support solutions for the upstream oil & gas industry.

Established in 1985, our objective is to assist petroleum companies, governments and industry suppliers worldwide in evaluating risks, resources and economic value in exploration and development projects. Our evolving family of GeoX exploration workbench products use object-oriented technology, relational databases, client/server solutions and knowledge-based technology. A common design principle has been a commitment to the use of industry-standard technological building blocks. Through continuous investment in new product development and active partnerships we both leverage industry expertise and support the deployment of complete decision support solutions.