Posted by Daniel Gleeson on July 6, 2022
SensOre Ltd says it has reached an agreement to acquire Intrepid Geophysics, a provider of geophysics software and services headquartered in Melbourne, Australia.
The deal, valued at approximately A$5 million ($3.4 million) will primarily be funded through the issuance of new fully paid-up SensOre common shares.
Intrepid Geophysics’ advanced automated geophysics software and geoscience expertise complement SensOre’s existing suite of machine learning and artificial intelligence-based mineral exploration software products and technology offerings, it said, adding that Intrepid Geophysics’ large customer base and strong cash flows were an integral part of the strategic review of the transaction.
SensOre Chief Executive Officer, Richard Taylor, said: “The acquisition of Intrepid Geophysics represents a great opportunity for us. Intrepid Geophysics’ deep expertise in geoscience and machine learning in geophysics complements SensOre’s focus on geochemistry and economic geology for targeting in mineral exploration. The demand for advanced geophysics software is strong and deployable worldwide.
“Intrepid Geophysics’ longstanding product leadership, data collection and collaboration with government geological surveys will benefit SensOre’s development of data platforms and customer service. We look forward to integrating the exceptional talent of Intrepid Geophysics with our team of innovators.”
Intrepid Geophysics Managing Director, Dr. Desmond Fitzgerald, added: “The combination of SensOre and Intrepid Geophysics will unlock growth opportunities in a strong high-level exploration market. We look forward to being part of a growing and exciting geoscience group.”
SensOre and Intrepid Geophysics completed a successful pilot project in Victoria in the June quarter, confirming the technology synergies and product complementarity between the two companies. The results of the pilot are expected to be deployed to customers in the September quarter, targeting the Stawell and Ballarat gold corridors. According to SensOre, there is a lot of interest from potential customers within these corridors.
SensOre says its strategy has been to organize all Australian geoscience data within its proprietary data cube technology, with the acquisition of Intrepid Geophysics greatly enhancing that capability.
The deal also increases SensOre’s presence and exposure in the mineral exploration technology sector, with the company acquiring a second team of dedicated geoscience professionals with crossover expertise in the oil and gas, groundwater, geothermal and emerging hydrogen storage sectors.
“Through the acquisition of Intrepid Geophysics, SensOre gains access to multiple new targeting and decision-based proprietary technologies and strategic decision-based services using 2.5-dimensional Airborne Electro-Magnetic inversion technology, tensor gradient technology, geology of geophysics feature extraction, and service-automated workflows,” the company added.
These technologies, SensOre says, fill a gap in its product suite by incorporating geophysical products that translate exploration targeting from the macro-focused Prospectivity Modeling and Discriminant Predictive Targeting® approach into the delineation of drilling targets in three dimensions.
The Intrepid Geophysics software portfolio includes:
- Intrepid 3D – a package for geophysical data processing and interpretation in the air and on the ground;
- Moksha-EM – an electromagnetic package for airborne data processing and interpretation with full waveform inversion;
- Argus – a 3D geological modeling package with a tightly integrated geophysical forward and inverse modeling capability;
- JetStream II – a web-based, spatially searchable data catalog that allows geoscientists to quickly assess the coverage, type, and vintage of georeferenced spatial data held over a given area; and
- Sea-g Marine Gravity – a full-featured marine gravity processing application powered by Intrepid Geophysics technology for use during and after the cruise.