HOUSTON, Aug. 8, 2017 /PRNewswire/ -- ION Geophysical
Corporation (NYSE: IO) today announced acquisition is in progress
on a new 2D multi-client program offshore Panama. Supported
by industry funding, this is the first seismic survey acquired
there in approximately 30 years. PanamaSPAN™ is designed to
provide the framework to evaluate the hydrocarbon potential of this
unexplored area ahead of the anticipated inaugural license
round.
Building on recent exploration success offshore Colombia immediately adjacent to Panama's Caribbean coast, E&P companies are
becoming increasingly interested in high-quality seismic data in
this area to understand the potential hydrocarbon
prospectivity. Initial deliverables will be available in Q4
2017 and complete interpretation of the data will be available by
mid-2018 to guide investment strategies.
The National Energy Secretary of Panama, Víctor Urrutia, said, "Hydrocarbon
exploration in Panama has
identified various sedimentary basins, proving the existence of
geological structures that may contain oil and gas, although there
hasn't been a commercially exploitable discovery. Today,
through the use of new and more sophisticated techniques, it is
possible to identify prospective areas that previously were not
considered economically viable, such as deep water deposits and/or
those that are geologically more difficult to locate. The
initiation of this seismic survey will provide high-value
information to help assess Panama's oil and natural gas
prospectivity. We value the geological and geophysical
expertise ION is providing to this process and are confident they
will deliver the products and understanding required for proper
evaluation. We look forward to working with them throughout
this process."
"The unique survey design will provide a better understanding of
the hydrocarbon potential offshore Panama," commented Joe
Gagliardi, SVP of ION's Ventures group. "We will
deliver the highest quality products and geologic insight to
properly evaluate the exploration potential offshore Panama that our clients have come to expect
from BasinSPAN programs."
To learn more, visit iongeo.com/Panama.
About ION
ION is a leading provider of technology-driven solutions to the
global oil & gas industry. ION's offerings are designed to help
companies reduce risk and optimize assets throughout the E&P
lifecycle. For more information, visit iongeo.com.
Contacts
ION (Investor relations)
Executive Vice President and Chief Financial Officer
Steve Bate, +1 281.552.3011
steve.bate@iongeo.com
ION (Media relations)
Vice President, Communications
Rachel White, +1 281.781.1168
rachel.white@iongeo.com
The information herein contains certain forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934.
These forward-looking statements may include information and other
statements that are not of historical fact. Actual results may vary
materially from those described in these forward-looking
statements. All forward-looking statements reflect numerous
assumptions and involve a number of risks and uncertainties. These
risks and uncertainties include risks associated with the timing
and development of the Company's products and services, the
competitiveness of offers, pricing pressure, decreased demand, and
changes in oil prices; and political, execution, regulatory, and
currency risks. Additional risk factors, which could affect actual
results are disclosed by the Company in its fillings with the
Securities and Exchange Commission ("SEC"), including its Form
10-K, Form 10-Q and Form 8-Ks filed during the year. The Company
expressly disclaims any obligation to revise or update any
forward-looking statements.
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SOURCE ION Geophysical Corporation