Stochastic talks up oil and gas software

07/11/2013 - 15:33

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Osborne Park-based technology firm Stochastic Simulation has launched new software which it claims will enable oil and gas companies to achieve overnight a level of subsurface analysis which would have previously taken years.

Stochastic Simulation chief executive Graham Griffiths.

Osborne Park-based technology firm Stochastic Simulation has launched new software which it claims will enable oil and gas companies to achieve overnight a level of subsurface analysis which would have previously taken years.

Stochastic's new ResAssure software uses complex algorithms and gridding to enable faster and more accurate analysis of subsurface geological data, narrowing the range of uncertainty in reserve estimates.

The company says this will help to de-risk projects and allow producers to generate a greater return on investment.

Stochastic last year appointed Graham Griffiths, who spent more than 11 years as managing director at ASX-listed technology commercialisation group Ipernica before resigning in 2011, as its new chief executive.

Stochastic will now focus on selling the product to the industry with the assistance of funding from the federal government's Commercialisation Australia program.

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