HOUSTON, Jan. 22, 2020 /PRNewswire/ -- ION
Geophysical Corporation (NYSE: IO) today announced the Company
entered into a multi-client agreement with Colombia's National Hydrocarbon Agency, the
ANH, granting rights to reprocess existing data and
acquire new 2D and 3D multi-client programs offshore
Colombia's Caribbean coast. In February, the ANH
announced a series of reforms to encourage investment in
exploration and production, such as a permanent license round and a
more attractive tax regime, to boost declining production and
increase reserves. The data is intended to enable better
understanding of hydrocarbon potential and investment opportunities
of underexplored shallow and deep water offshore blocks on
offer.
"We are continuing to extract maximum value from existing
datasets by seamlessly reimaging them into a single volume, tying
all available well data and then supplementing with new data where
necessary," said Joe Gagliardi,
Senior Vice President of ION's Ventures group. "The combination of
Colombia's new permanent license
round and improved legislative terms are causing E&P companies
to take a second look at Colombia's offshore frontier. Analysis to date
suggests several established petroleum systems offshore that we
believe are worth better understanding."
To learn more, visit iongeo.com/Colombia.
About ION
ION develops and leverages innovative technologies, creating
value through data capture, analysis and optimization to enhance
critical decision-making, enabling superior returns. 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 the risks associated with the
timing and development of ION Geophysical Corporation's products
and services; pricing pressure; decreased demand; changes in oil
prices; and political, execution, regulatory, and currency risks.
These risks and uncertainties also include risks associated with
the WesternGeco litigation and other related proceedings. We cannot
predict the outcome of this litigation or the related
proceedings. For additional information regarding these
various risks and uncertainties, including the WesternGeco
litigation, see our Form 10-K for the year ended December 31, 2017, filed on February 8, 2018. Additional risk factors, which
could affect actual results, are disclosed by the Company in its
filings with the Securities and Exchange Commission ("SEC"),
including its Form 10-K, Form 10-Qs and Form 8-Ks filed during the
year. The Company expressly disclaims any obligation to revise or
update any forward-looking statements.
View original
content:http://www.prnewswire.com/news-releases/ion-signs-multi-client-agreement-for-2d-and-3d-programs-offshore-colombia-300991518.html
SOURCE ION Geophysical Corporation