A borehole tool having adjacently located fluid injection/withdrawal apparatus and an electromagnetic measurement apparatus is provided. The electromagnetic measurement apparatus can be an imaging apparatus for helping set the tool in desired locations for permeability testing via fluid injection or withdrawal. In a second mode, during fluid injection or withdrawal, and if desired, before and/or after injection or withdrawal, a plurality of electromagnetic measurements (images) are made. Based on the electromagnetic and hydraulic measurements, and a model which interrelates the measurements, determinations are made as to various characteristics of the formation, including effective permeabilities. Related methods for utilizing the tool and for treating the data in an integrated fashion are also set forth.