TenzorGEO One Year On

April 19, 2019

Just over a year ago the Oil and Gas Technology Centre announced the 10 Pioneers who had been selected as the first cohort in its exciting TechX accelerator programme.

Each start-up had been selected after a rigorous evaluation process because they had demonstrated the potential to develop technology which could transform the oil and gas industry.

They included Ivan Starostin’s company, TenzorGEO, which uses unique interpretation software and autonomous ocean bottom seismometers that he believes can deliver unprecedented accuracy in pinpointing oil and gas deposits and truly effect a step-change in exploration.

To a point, his story is typical of many entrepreneurs in the North Sea who have an exceptional idea and unwavering belief. For most it would be a three to five-year journey, with no revenue and significant costs, to achieve what TenzorGEO has achieved in little more than a year.

Statistics suggest that nine out of 10 start-ups which embark on such a journey fail to reach their destination, often because of a lack of revenue.

However, TenzorGEO’s technology has just undergone a field trial in the North Sea for an energy supermajor, supported by a global service company, and Ivan Starostin attributes his remarkable success so far to the OGTC, its TechX programme and Scottish Edge, which has also supported him.

Ivan said: “TechX helped us achieve, in 16-weeks, what otherwise might never have happened. We were given massive support and they did exactly what they promised – they accelerated us by perhaps three to five years.

“The funding we received has been vital for a fledgling company with no revenue, but perhaps as important are all the other aspects TechX offered.

“I was given immediate access to senior executives from the energy industry who I wouldn’t normally be able to reach, and who ultimately, made our first field trial possible.

“It was an intensive 16-weeks during which I had to present time after time again. When I first started, I had plenty passion and a myriad of things I wanted to say but didn’t deliver very well. Over the four months, they equipped me with an arsenal of tools to refine my value proposition and perfect my delivery.

“The success that TechX brought has been truly astonishing and I can’t thank my mentors enough, who have been available almost 24-7 throughout this whole process.”

David Millar, technology accelerator director at the Oil & Gas Technology Centre, said: “We are delighted with the success we are seeing from Ivan and the TenzorGEO team. Technologies like these will address specific industry challenges and if we can accelerate their development, including access to field trials, this will demonstrate their effectiveness and advance commercialisation.”

Chris Pearson, marginal developments solution centre manager at the OGTC explained that by mitigating risks and cost for small pool developments, this improves the likelihood of securing the funding.

“TenzorGEO is using low-frequency background seismic, which is a very low-cost approach and should allow an operating company to narrow the uncertainty on developments – including larger developments with multiple wells. Overall this represents a great opportunity for the industry to access marginal developments.

“We are already lining up a second field trial with another operator in order to demonstrate proof of technology, which will achieve wider acceptance from the industry.

“Achieving this milestone in just one year [from entry to the programme] is a good outcome and a great story for the OGTC.”

Evelyn McDonald, chief executive of Scottish Edge, said: “What we look for in Scottish Edge is innovation and high growth potential and we felt TenzorGEO offered both of those. Ivan is taking pre-existing technology and using it in an innovative way. If he can prove the technology works there is a large potential market so that is what drove us to support him.

“We also liked Ivan’s vision for the company because what he’s trying to do with this is to make it easier for oil companies to find resources and therefore there is a benefit to the taxpayer as well.”




1. Tenzor Geo Ltd, a Company registered in Scotland with Company Number SC587661 and having its registered office at 31 – 33 Union Grove, Aberdeen, AB10 6SD (hereafter Tenzor Geo); and

2. [Your Company Name] of [Your Company Address] (hereafter Partner).

Tenzor Geo and Partner agree as follows:

Affiliate means in relation to either party any entity that from time to time, directly or indirectly controls, is controlled by, or is under common control with that party, or that is a successor (including, without limitation, by change of name, dissolution, merger, consolidation, reorganization, sale or other disposition) to any such entity or its business and assets. An entity will be deemed to control another entity if it has the power to direct or cause the direction of the management or policies of such entity, whether through the ownership of voting securities, by contract or otherwise.

Business Purpose means discussions relating to Tenzor Geo introduction, including but not limited to its structure, technology, processes, clients, counterparties, project, plans, etc. Group means each contracting party and its respective advisers, agents and representatives from time to time and its Affiliates and their respective advisers, agents and representatives from time to time.

Information means information in any form (including, without limitation, methodology, software and computer outputs) which is not excluded under clause 4 below, whether written or oral, of a business, financial or technical nature which is marked or otherwise indicated as being or is, or ought reasonably to be, known to be confidential and which is disclosed by one party to this Agreement (the Disclosing Party) or any member of its Group to the other party (the Receiving Party) or any member of its Group or otherwise come to its attention during the parties’ involvement in the Business Purpose. Information includes information relating to the involvement of either party’s Group in the Business Purpose.

1. The Receiving Party agrees:

(a) to hold the Information in confidence and, not without the Disclosing Party’s prior written consent, to disclose any part of it, to any person other than those directly concerned with the Business Purpose and whose knowledge of such Information is essential for such purposes. The Receiving Party will ensure that those persons comply with the obligations imposed on the Receiving Party under this Agreement. The Receiving Party shall be liable for such person’s default;

(b) not, without the Disclosing Party’s prior written consent, to use the Information for any purpose other than the Business Purpose;

(c) to delete from any device containing any Information and/or return to the Disclosing Party upon demand the Information except for one copy of such Information as is required to be retained by law, regulation, professional standards or reasonable business practice by a member of Receiving Party’s Group; and

(d) to use reasonable endeavours to provide the Disclosing Party with prompt notice if any member of the Receiving Party’s Group becomes legally compelled to disclose any of the Information, so that the Disclosing Party may seek a protective order or other appropriate remedy. If such order or remedy is not available in time, the obligation of confidentiality shall be waived to the extent necessary to comply with the law.

2. The Receiving Party agrees that no right or licence is granted to the Receiving Party’s Group in relation to any part of the Disclosing Party’s Information.

3. Neither party nor any member of its respective Group warrants the accuracy or completeness of the Information. Accordingly, neither party’s Group shall have any liability to the other resulting from the use of the Information, save in respect of liability arising from fraudulent misrepresentation.

4. Clause 1 does not apply to Information which:

(a) at the time of disclosure is, or subsequently through no fault of the Receiving Party’s Group becomes, generally available to the public;

(b) becomes rightfully known to the Receiving Party’s Group through a third party with no obligation of confidentiality;

(c) the Receiving Party is able to prove was lawfully in the possession of the Receiving Party’s Group prior to such disclosure; or

(d) is independently developed by the Receiving Party’s Group.

5. The obligations in this Agreement shall be binding on both parties for so long as the Information retains commercial value.

6. Each of the parties acknowledges that a person with rights under this Agreement may be irreparably harmed by any breach of its terms and that financial remedies alone may not necessarily be adequate. Accordingly, a person bringing a claim under this Agreement may be entitled to injunctive or other equitable relief for any threatened or actual breach of its terms.

7. Members of the parties’ respective Groups shall have the right under the Contracts (Rights of Third Parties) Act 1999 (the Act) to enforce the terms of this Agreement. The Act shall not affect any right or remedy available to any member of either party’s Group apart from the Act.

8. This Agreement is made by the Receiving Party on its own behalf and as agent for each member of its Group.

9. This Agreement will be governed by, and construed in accordance with, English law. Each party irrevocably submits to the jurisdiction of the English courts


Authorised Signatory: [your-name] verified via email


Tenzor Geo Ltd

Authorised Signatory: Ivan Starostin

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