Update on investments


 

TIDMQOGT 
 
RNS Number : 8632E 
Quorum Oil and Gas Tech. Fund Ld 
31 December 2009 
 

Not for release, publication or distribution in, or into, the United States, 
Canada, Australia or Japan. 
 
 
+------------------------------------+------------------------------------+ 
| Press Release                      |                   31 December 2009 | 
+------------------------------------+------------------------------------+ 
 
 
 
 
 
 
 
 
Quorum Oil and Gas Technology Fund Limited 
 
 
("Q-OGT" or "the Fund") 
 
 
Update on Investments and details of further investments in these companies 
 
 
Quorum Oil and Gas Technology Fund Limited (LSE:QOGT), a registered closed-ended 
Guernsey investment company traded on the London Stock Exchange, is pleased to 
provide the following update on its investments. 
 
 
Strata Energy Services Inc. ("Strata") expects to have revenues and EBITDA for 
its financial year ending 30th November 2009 in line with previous guidance, 
with revenue and EBITDA to exceed C$30 million and C$10 million, respectively. 
 After due diligence, Strata will no longer pursue a proposed acquisition 
opportunity in Indonesia, but has completed two smaller acquisitions which have 
broadened its product and service offerings.  In addition, Strata is in advanced 
negotiations with a major national oil company in the Western Hemisphere for a 
significant multi-year contract, which would represent its largest by revenue 
upon completion.  In addition, Strata is in the final certification process for 
a part of its patented drilling equipment as well as continuing development of a 
multi-stage pressure head that would potentially make it world leader in high 
pressure drilling services. 
 
 
WellPoint Systems Inc. ("WellPoint") is expected to enjoy both record revenues 
and EBITDA in 2009, a significant improvement from 2008 and is expected to be 
EBITDA positive even with exceptional items excluded. It continues to execute 
its business plan for growing sales in North America and internationally, 
especially in the Middle East with Quorum MENA Ltd. ("QMENA").  As a Microsoft 
Gold Certified Partner since 2005, WellPoint is the only Independent Software 
Vendor ("ISV") and Microsoft Dynamics partner dedicated to the energy sector. 
Its new comprehensive, integrated energy software suite based on existing 
Microsoft ERP technology that utilises state-of-the-art Dynamics AX  and .NET 
architectures is gaining momentum.  WellPoint's software and services under the 
BOLO, IDEAS International and iSoft brands has shown solid performance. 
 
 
WellPoint has completed the creation of its comprehensive, integrated oil and 
gas software solution powered by Microsoft Dynamics AX, called Energy Broker. It 
provides dynamic and innovative marketing, scheduling and nomination software 
designed to manage complex pricing scenarios, streamline supply and demand 
analysis, manage contracts and provide detailed administrative, management and 
executive reports in multiple languages and currencies.  Energy Broker was 
selected by Plains Midstream Canada, L.P. ("Plains"), to use in its crude oil 
marketing business.  Plains is engaged in crude oil transportation, gathering, 
marketing, terminalling and storage as well as the marketing and storage of 
liquefied petroleum gas and other petroleum products.  Plains has operations in 
over 40 U.S. states and in five Canadian provinces. 
 
 
Ambercore/Terrapoint ("Ambercore") has seen stable sales overall, although 
its LiDAR division showed a slowdown because of the weak global economy.  This 
was to an extent offset by an improvement in 4DiQ software sales and services, 
and the company is committed to exercising tight control over costs in light of 
revenues.  In addition, Ambercore has developed a novel feature extraction 
software addition to 4DiQ, allowing users to find objects in 3D data, as this 
data is being processed by Ambercore's software.  Ambercore is developing plans 
to license or sell this application for use in other spheres such as mobile 
telephony. QOGT has invested a further US$1.2 million into Ambercore and is 
working with Ambercore on a renegotiation of the terms of its working capital 
facility with its lender. 
 
 
Seismic Reservoir 2020 ("SR2020") has stabilised its operations under a new 
president and has begun to grow its sales and order book in North America, 
taking advantage of growth in the tight shale gas sector.  It is close to 
reaching capacity on certain parts of its operations and aims to begin 
significant organic growth during 2010 helped in part by a significant 
commercial alliance with a Canadian company which is more closely involved in 
data acquisition and wishes to partner with SR2020 on processing.  Also, SR2020 
has finalised negotiations with QMENA to license its offerings for the Middle 
East, where there is an established market for SR2020 vertical downhole seismic 
technology ("VSP").  Finally, SR2020 has begun to successfully adopt a new 
business model of progressively using their seismic offerings in mature fields 
allowing operators to have regular updates on their reservoirs on an "as 
required" basis, rather than having to "shoot" surface seismic for the entire 
area on a periodic multiyear basis and thus using significantly more time and 
resources.  The SQ5 business has been restructured and all ongoing costs of this 
business are being borne by SR2020.  QOGT has invested a further US$1.54 million 
in SQ5/SR2020 by way of convertible secured debentures and plans to invest a 
further US$400,000 in these businesses. 
 
 
LxData's fibre temperature sensors have been in successful operation in the 
Alberta Oil Sands in high temperature environments for more than two years, 
representing exceptional reliability and performance.  LxData has developed a 
pressure sensing option to its temperature sensors and has entered into an 
agreement with a major independent oil company to deploy a multiple pressure and 
temperature solution on one fibre optic cable, representing a potentially 
industry leading technological development.  However, because of a slowdown in 
capital expenditures in LxData's primary market in the Canadian Oil Sands in 
early 2009 (which has subsequently eased), LxData has endeavoured to downsize 
accordingly.  More recently it has started to see a steady increase in its order 
backlog and is aggressively tendering on future business. 
 
 
QMENA has concluded license negotiations with Ambercore and Strata.  It is 
finalising its license with SR2020. QMENA has identified significant business 
opportunities for each of these mentioned companies, and in particular has 
received notice that it has won for Strata a significant trial project with a 
major National Oil Company in the Middle East for the installation of Strata's 
nitrogen generators for mature reservoir and pipeline use. QMENA is in active 
proposal and negotiation on further potential transactions. QOGT has invested an 
additional US$1 million into QMENA, (pursuant to agreement to fund the Company 
up to an additional US$3 million in total).  This sum will be used principally 
to develop the aforementioned Strata contract. 
 
 
Wanda Dorosz, Managing Partner and CEO of Quorum Group, said: "We are extremely 
pleased to announce today these investments into several of our portfolio 
companies and strongly believe that they will help generate positive returns for 
our investors." 
 
 
- Ends - 
  For further information: 
+-----------------------------------------------+--------------------------+ 
| Investment Manager                            |                          | 
+-----------------------------------------------+--------------------------+ 
| Quorum Group                                  |                          | 
+-----------------------------------------------+--------------------------+ 
| Wanda Dorosz, Managing Partner & CEO          |     Tel: +1 416 971 6998 | 
+-----------------------------------------------+--------------------------+ 
| wdorosz@quorum.ca                             |                          | 
+-----------------------------------------------+--------------------------+ 
| David Sefton, Quorum European Partners LLP    |    Tel: +44 (0) 7989 333 | 
|                                               |                      371 | 
+-----------------------------------------------+--------------------------+ 
| david.sefton@quorum-europe.com                |        www.q-ogtfund.com | 
+-----------------------------------------------+--------------------------+ 
 
 
Media enquiries: 
+-----------------------------------------------+--------------------------+ 
| Abchurch                                      |                          | 
+-----------------------------------------------+--------------------------+ 
| Henry Harrison-Topham / George Parker         |     Tel: +44 (0) 20 7398 | 
|                                               |                     7702 | 
+-----------------------------------------------+--------------------------+ 
| henry.ht@abchurch-group.com                   |   www.abchurch-group.com | 
+-----------------------------------------------+--------------------------+ 
 
 
Notes to editors: 
 
 
About Quorum Oil and Gas Technology Fund Limited 
 
 
Quorum Oil and Gas Technology Fund Limited ("Q-OGT") is a registered 
closed-ended investment company incorporated in Guernsey to provide expansion 
capital to companies which own and/or are developing proven proprietary 
technology which may have a potentially significant effect on the oil and gas 
industry.  The Fund is managed by the Quorum Group, a 22 year old strategic 
sector private equity firm, headquartered in North America, which also has a 
subsidiary and office in London, Quorum European Partners LLP.  Q-OGT was 
admitted to the Official List of the UK Listing Authority and to trading on the 
London Stock Exchange on 7 January 2008.  Its stock market EPIC is QOGT.L. 
Further information can be found at www.q-ogtfund.com 
 
 
  Disclaimer 
 
 
Some of the information contained in this press release contains forward-looking 
statements. Forward-looking statements are based on our current expectations and 
assumptions regarding our business, the economy and other future conditions. 
Because forward-looking statements relate to the future, they are, by their 
nature, subject to inherent uncertainties, risks and changes in circumstances 
that are difficult to predict. We caution you not to rely on any such statements 
as statements of historical fact or as guarantees or assurances of future 
performance. We undertake no obligation to publicly update or revise and 
forward-looking statements. 
 
 
This press release is not for distribution (directly or indirectly) in or to the 
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securities for sale in or into the United States, Canada, Australia or Japan. 
This press release does not constitute or form part of any offer or invitation 
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part of it), or the fact of its distribution, form the basis of, or be relied on 
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refers to certain events as having occurred which have not occurred at the date 
it is made available but are expected to occur prior to the publication of a 
Prospectus in its final form relating to the Group. This document is not a 
prospectus and no person should subscribe for or purchase any shares referred to 
in this document except on the basis of the information in the Prospectus. 
 
 
The securities described herein have not been, and will not be registered under 
the United States Securities Act of 1933, as amended (the "Securities Act"), or 
any U.S. state securities laws. They may not be offered or sold in the United 
States, except in transactions not subject to or exempt from, the registration 
requirements of the Securities Act and applicable state laws. The Group does not 
intend to register any portion of the securities in the United States or to 
conduct a public offering of securities in the United States. No money, 
securities or other consideration is being solicited and, if sent in response to 
the information contained herein, will not be accepted. 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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