HOUSTON, Sept. 1, 2020 /PRNewswire/ -- ION Geophysical
Corporation (NYSE: IO) today announced a 3D new acquisition
multi-client program in the southern North Sea. The Mid North
Sea High (MNSH) is one of the last remaining underexplored regions
offshore the prolific United Kingdom Continental Shelf and a recent
well confirmed one of the first new plays in recent years.
There is limited existing 3D data, providing a unique opportunity
to image the entire area in high resolution to better assess future
hydrocarbon potential.
The majority of the up to ~11,000 sq km industry-supported
survey will be acquired next summer, however, an initial phase
started in August to enable completion of the entire program by the
end of the 2021 season. ION is pleased to have selected
Shearwater GeoServices' Amazon Warrior for the initial
acquisition. Shearwater's modern acquisition technology
platform, coupled with ION's proven imaging capabilities, will
deliver a high-quality product as customers seek the best data to
inform decision-making in this attractive new play.
"The Mid North Sea High is close to shore with existing
infrastructure, where the relatively low cost of development makes
it attractive for existing players and potential new entrants,"
said Joe Gagliardi, Senior Vice
President of ION's Ventures group. "Recent play-opening
drilling ignited interest in this area after oil was discovered
last December. Furthermore, the U.K. Oil and Gas Authority is
promoting the MNSH as a key focus area for future UK oil and gas
exploration. Block awards for the 32nd U.K.
Offshore Licensing Round are expected to be announced soon and this
data will count towards block work commitments for new and existing
3D seismic. This survey covers an area at least five times
larger than any existing 3D data nearby and will provide a new
regional perspective for imaging and developing the entire
play."
To learn more, visit iongeo.com/MidNorthSeaHigh3D.
About ION
Leveraging innovative technologies, ION delivers powerful
data-driven decision-making to offshore energy, ports and defense
industries, enabling clients to optimize operations and deliver
superior returns. Learn more at iongeo.com.
Contacts
ION (Investor relations)
Executive Vice President and Chief Financial Officer
Mike Morrison, +1 281.879.3615
mike.morrison@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; agreements made or adhered to by members of OPEC and other
oil producing countries to maintain production levels; the COVID-19
pandemic; and political, execution, regulatory, and currency risks
. For additional information regarding these various risks and
uncertainties, see our Form 10-K for the year ended December 31, 2019, filed on February 6, 2020. 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.
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SOURCE ION Geophysical Corporation