Illustrate in a moment. We fly our survey tool in a plane at 500 feet, sorry, 3,000 meters, and it is not impactful in any way. So despite rising investment, discovered volumes are falling to new lows, and estimates show that in the first half of 2023, the findings were 42% lower than the first half of 2022. So our solution is stress field detection, or SFD, which I will describe in more detail. But basically, this is a series of electronic sensors that are flown in a plane. It's a proprietary airborne geophysical survey technology. It uses gravity-based sensors to identify stress anomalies of high exploration potential, patented in 47 countries, and it increases exploration success while substantially reducing costs and environmental impacts. So our airborne technology is transforming exploration, and it significantly lowers survey costs and the alternatives.
So the opportunity for us now is much more consistent survey activity leading to higher cash flows and return on invested capital. So this is an interesting illustration of what you get spending $5 million on a surveyed 10,000 sq km exploration block survey with us, or $5 million with a typical seismic survey. So. Oops, sorry. Okay, pointer. With us, we have. I don't know, Jenny, this pointer doesn't seem to be cooperating. On the left-hand side is illustrated grid, which is the pattern that we would typically find, and that would generate 2,200 line km. And from data acquisition to processing is about two months. For a typical seismic survey, you would get for the same expenditure about 250 line km with a time to complete over two years and much less thorough coverage of the acreage.
This is a huge cost reduction and a huge shortening of the time frame. This is an illustration of how effective our surveys are for a universe of 35 wildcat wells drilled between 2009 and 2024 on our SFD recommendations. We have had 25 new commercial successes. That's a 71% prediction strength, absolutely unheard of. There were seven dry holes, which is the orange band, and then three of these (sorry, this is a very sensitive clicker) three were just confirmations where the client asked us to confirm something they already knew. On the right-hand side, typical industry exploration success rates are 18% for high-risk onshore and as low as 7% for deep-water offshore. This is an order of magnitude increase in the success rate. Here are three sample SFD signal response outputs. These were actual surveys that we did.
On the left is the Rubiales field in Colombia that was operated by Pacific Rubiales. And this background on the right-hand side, that is an illustration of the background gravitational potential energy. When we hit the boundary of a formation, that signal drops and remains depressed, and that basically has to do with the difference in density in a formation that has pressurized and trapped fluids. Then when we get to the other side, you go back to the background condition. The middle example is a Gilby field in Canada. Again, that's a very classic SFD response, positive. And on the right-hand side is a Ladyfern field in Canada, which was a huge, huge gas discovery. And as you can see in the reserves, these are significant accumulations.
So if I have a chance to talk to you further or if you care to follow up, this is showing you sort of a horizontal view. We also produce a kind of view from the top down where we can identify quite closely the location of prospective anomalies. So this slide's going to take a little explaining. The bottom is a seismic section in the Adsett field in British Columbia, and the operator started drilling without any SFD input. So the well on the far right there, that's a symbol for a dry hole. And when I've talked to a variety of geophysicists about this seismic line, they say, "Yeah, that looked really prospective." The second well they drilled was successful, as was the third, but the fourth was dry, and the fifth was dry, and then finally they drilled a sixth.
We then were hired to fly over this line, and on the top is what our output produced. You can see in this green shaded area was a focal area, and this yellow area were kind of classic anomaly recommendations. Had they drilled only in those areas, they would have had three successful wells. The cost of a dry hole typically is offshore in the $5 million range, depending on the depth. In my view, the winning combination for us is SFD plus seismic. It's not either/or. The smartest thing for an operator to do is to hire us to do a survey because typically our survey work costs about $2,000 per line kilometer to triage large acreage and then spend the $20 million plus for 3D seismic. It was much more efficient for the operator. The takeaway, SFD plus seismic is a winning combination.
Here's a sampling of customers that we've worked for: Pacific Rubiales, BP, you all know that name. The Nigerian. Oops, sorry about that, folks. This is the Nigerian National Oil Company, Pakistani National Oil Company, Pemex, Bolivian National Oil Company, Colombia, and Penn Growth is a Canadian private company. So we've had some very substantial clients over the years. So in my view, we're at a turning point. Sadly occasioned by the passing of our CEO, but in January of 2023, we formed an executive committee of the board to execute the CEO functions. TSX eventually came to us and said, "You have to have a CEO." So in late May, early June, I was named the interim CEO. And at the same time, we entered into a strategic partnership with one of our previous Nigerian clients. In September, we announced our first contract in Turkey.
In January, that Turkey contract was expanded because they liked the results they were getting. In May of this year, first contract in Southeast Asia. I was appointed permanent CEO in 2024 with the annual shareholders meeting, and then in August, we announced our first geothermal survey contract, which I will come back to in a moment. Finally, in September, we were awarded a repeat contract in Nigeria, and we are currently preparing to deploy for Turkey, Indonesia, and Nigeria, so we've really embarked on a growth strategy, and my sort of catchphrase is we want to emphasize frequency, adjacency, and repeatability. We had a very successful contract in Bolivia in 2015, which was right about the time I joined the board, and I think it sort of reset expectations of management that we were going to be doing much bigger contracts consistently.
That proved not to be the case, and we were actually turning down contracts in the CAD 2 million, CAD 5 million zip code. My view is that we should do small jobs if there is adjacent opportunity. For instance, in Turkey, we did a successful survey for a private company, and now we have a much larger company that's engaging us for survey work. So that's an example of adjacency. In Africa, we've publicly announced that we have a repeat contract with Sinergia E&P, which is our client that we've already worked for. And that is an example of repeatability. And then all of these taken together really illustrate my concept of frequency. So we've announced four contracts in the last 12 months, which is, I mean, unheard of, at least in the time that I've been associated with the company.
So in Asia, we've got a smallish first contract, but again, there's a lot of adjacency potential there in the region. Okay, so I mentioned geothermal. We have long believed that our survey technology has applications to identify prospective steam or hot water geothermal resources. And I would say that this is kind of late-stage R&D. We were contracted a very small contract, but nevertheless a commercial contract to do a survey in British Columbia. And so I would say that the interpretation results of that are not quite conclusive, but this is an area of focus for us because geothermal is, no pun intended, hot, and it's renewable. And we were the recipient of a National Research Council financing from the Government of Canada. And so we can take what's a proven revenue model and apply it to a prospective further application.
And so this is something that's under active development. We have a very experienced management team. My personal background is in the capital markets. I was with and ultimately ran a fairly well-known long-short equity firm in New York, Cumberland Associates. I did all of our oil and gas investing for a quarter-century emphasis on small to medium-cap E&P and service companies. So I have a deep, deep background in the industry. Our CFO has been with the company about a decade or slightly less, but very, very experienced. We have—this is very annoying, sorry. These buttons are too close together for fat fingers. We have two geophysicists, Rashid Tibu and Enrique Hung. We have Director of Operations, Mohammad Saqib, and Dr. Xiang Wei has really been the co-developer of our sensor technology. They've been with the firm a long time. It's a very tight and effective team.
So I'm also very pleased to say that we've gained some additional industry recognition. We were the winner of the best exploration technology from a group of publications led by Gulf Energy. There were three finalists. Our competition was Schlumberger and Aramco Americas, which is some pretty substantial competition. So we're very pleased to come away with that prize. And we're also nominated by Platts Energy Publication, widely, widely read journal in the industry. So there's a variety of trading statistics. We're listed on the Toronto Stock Exchange, not Toronto Venture. We are currently trading in the CAD 0.20 zip code. Fully diluted shares are about 110 million. We have done a series of convertible debentures, so that assumes conversion. But insider ownership on a fully diluted basis is close to 50%. So we've got a lot of our board and management are heavily invested in the stock.
Our trailing 12-month revenue was CAD 2.7 million, but we are looking forward to substantially more. To recap, our survey technology is fast, clean, cheap, and accurate. My preference when I'm delivering this pitch to a client is to deal not with the technical team, but to deal with C-suite or VP operations, people who have financial responsibility, because I can illustrate that we have higher success rates. We're faster. We're cheaper. That means ROI on the exploration dollar spend is really an order of magnitude higher than it otherwise would be. And so again, the new business development priorities: frequency, adjacency, repeatability. We announced four contracts in the last 12 months. We are imminently deploying. We have the best backlog in a decade. And while we have not disclosed our backlog numbers, we had in 2014 about CAD 3.9 million, in 2015 about CAD 3.2 million in revenues.
We went through several years with either very low or zero revenues, and that's a very hard way to get rich. So we're being more thoughtful and more organized about our going to market, and we think we have an improving story to tell. Would love to follow up with you. As I indicated, my colleague Mike Baker is here in the room. And with that, I would be happy to take any questions. Yes, sir.
So, you speak of the outstanding shares right now. Just curious on what your take is on valuation and based on the revenue that's coming in, where do you see things lining up maybe for this stock? I know you can't speak to too much of it because it's kind of private, but.
It's not private. It's just not really appropriate to, but I'll give you some color. I spent my career valuing companies as a buy-side portfolio manager. Along the way, I had several transactions that involved acquisitions or dispositions. So I think that we are. Suffice to say, I think we're deeply undervalued based on what I expect to materialize. And one of the things that we've tried to consciously do is make sure that we've got an information and news stream that will keep people focused on this. So I think there's a huge opportunity. It's not for me. I mean, I would think that, right? But I do believe it's the case.
What do you think?
Yes, sir.
The technology is pretty new and disruptive. What do you see as the barriers to getting kind of an older industry to adopting this technology?
Okay, I think that we have in the past overemphasized pitching to the technical teams and underemphasized pitching to people with financial responsibility. So the newish model is we will agree to do a small proof of concept survey on the condition that if we are successful in that, that leads in some cases automatically, but high probability to a much larger. And that's worked for us. We've had several examples, and we have more pending. So take a smaller contract in service of getting a bigger contract, but pitch it to the guys that have responsibility for return on invested capital. When you deal with the technical team, they've got no incentive to approve an unfamiliar technology. It's all downside for them. When you're talking to a CEO or a CFO or a divisional exploration chief, they've got financial return motivation.
So it's like the old cereal ad with Mikey. Try it. You'll like it. So that's the approach that we're taking now. Does that address the question?
Yeah, I think so.
Okay. Yes, sir.
I was just going to say the SFD technology seems good at finding these oil and gas deposits. Are there other potential future applications for the technology? Could it find ore bodies or could it detect other anomalies like uranium or lithium or anything else that?
We've had some conversations about lithium brines. The answer is I don't know yet, but I do know that we're prospective for geothermal, and that's a potentially large opportunity. And our founder, George, always believed that we could detect ore bodies and things like that. But what I really want to do is build out and solidify our oil and gas application and then incrementally work on development of geothermal, and then we'll see. Okay, anything else? Going once, going twice. Sold. Okay, thank you all. And by the way, Mike Baker contacted us. And do sign up for a one-on-one. We've got a few slots left. Okay, thank you.