Business & Tech Trends 2014 - Dan Arnold, Epistemy

457 views

Published on

Business & Tech Trends 2014 - Dan Arnold, Epistemy

Published in: Business, Career
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
457
On SlideShare
0
From Embeds
0
Number of Embeds
2
Actions
Shares
0
Downloads
8
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

Business & Tech Trends 2014 - Dan Arnold, Epistemy

  1. 1. Dan Arnold Founder and CEO
  2. 2. Our Mission Create outstanding software to help the oil industry maximise oil recovery from existing fields
  3. 3. Best case from an experienced BP engineer Best case from Raven How do we create value? Raven found an additional 3 million barrels of oil = $30 million (From one application of Raven compared with an experienced engineer)
  4. 4. Average recoveries from North sea fields 30%
  5. 5. Barrels oil. Proven UK reserves under development 7.4 billion
  6. 6. Value of additional 5% recovery in oil $16.75 billion
  7. 7. 0.3%UK’s proportion of global oil reserves
  8. 8. Time FieldOilProductionRate Wells to Maintain Plateau 40 Wells to Target Unswept Oil and Extend Field Life +50 More from Mature Oil Fields Optimisation History matching, uncertainty and optimisation
  9. 9. New fields: smaller, more complex Spends & Trends 2008-2017: Key Global Oil & Gas Markets – Summary, Scottish Enterprise and Scottish Development International = bigger opportunity for Epistemy
  10. 10. Raven software • What it does – Computer software to accurately quantify uncertainty and risk in oil field development then identify the optimal way to increase value • To Whom – Oil companies (users = reservoir engineers) • The value – Improved handling of risk means better decision making, increased production and more profit.
  11. 11. History Matching Forecasting under uncertainty Optimisation One software – three functions Production Time Shut in date Likelihood Production $ Production Time
  12. 12. Current status • Incorporated in 2009 • Raven 1.0 was released in January 2012 • First sales April 2012 (JOGMEC) • Repeat sales April 2013 and 2014 (total revenue £310K) • Version 2.0 for release in Q3 2014 • Current version 1.5
  13. 13. “Raven 2 will introduce new stuff in the oil industry, that will not be followed by other companies, big ones, old ones” Raven client
  14. 14. The Team: Founders Mike Christie Dan Arnold Jack Talbot Global expert in reservoir simulation and uncertainty • 18 years at BP • Heriot-Watt since 1999 • Founded and runs Uncertainty Project Co-founder and CEO • PhD in uncertainty quantification • RSE enterprise fellow 2009-10 • Expertise in geological uncertainty Lead software developer • MEng in computer software engineering • Expertise in human computer interface design
  15. 15. The Team: Executive team Alan Faichney Derek Shepherd Business leader and Non-Exec designate • 33 years in oil and gas • Co-founder of concept systems • Former COO DEM solutions • CEO Edinburgh instruments Business leader and Chairman designate • MD Taylor Woodrow (Nigeria) • MD (UK) Aggreko • International director (board) Aggreko • Helped grow sales to $1billion over 11 years
  16. 16. Our Goal from investment – Provide outstanding software to help the oil industry maximise oil recovery from existing fields by rapidly building a professional sales team – build a company valued at £25-50 million in 5-10 years.
  17. 17. $30 million, one application “The collaboration between Heriot-Watt and BP has resulted in a step- forward in practical, multi-objective optimisation capability for the industry” Manager, Advanced Reservoir Performance Prediction, BP
  18. 18. Dan Arnold dan.arnold@epistemy.com 0131 564 0230

×