2007 ION Annual Report Visit iongeo.com
Read Article: Spanning the Globe Read Article: Best Well in the Province Read Article: Unlocking the Unconventional Read Article: Simplifying the Complex Read Article: Charging to the Seabed Read Article: The Virtuous Cycle
 
 
 
INTRODUCTION

Read - A Brand Revolution
2007 Milestones

LETTER TO SHAREHOLDERS

Shareholder Letter: Bob Peebler's 2007 Review
Shareholder Letter: ION Systems
Shareholder Letter: ION Solutions
ION Rebranding
2008 - The Breakout Year

LEADING THE CHARGE

Leading the Charge
Read: Spanning the Globe
Read: Best Well in the Province
Read: Unlocking the Unconventional
Read: Simplifying the Complex
Read: Charging the Seabed
Read: The Virtuous Cycle

FINANCIAL HIGHLIGHTS

Charts
Form 10-K
Download Full 2007 Annual Report PDF

CORPORATE INFORMATION

ION Corporate Information
Corporate Leadership
View ION Corporate Website
Contact ION

 
 
 
 
"Getting Lucky in Nigeria"
Our technical teams continue to visit Nigeria on a routine basis, helping to disseminate the latest data processing techniques. As our project backlog grows and the center begins to take on the most advanced projects in data processing, we continue to make the investments needed to ensure our GXT-Bulwark center fulfills our original vision for the venture, its employees, and our customers.
Read On
The Virtuous Cycle

When ION bought GX Technology (GXT) in 2004, one of the things we talked about was a virtuous cycle – that often imagined, but frequently elusive condition that occurs when one success leads to another. We think we’re starting to see these virtuous cycles in many areas of the company, including West Africa.

Our push into West Africa began several years ago with a series of BasinSPAN programs offshore Nigeria, Angola, and the Congo. Known collectively as AfricaSPAN™, these programs forged the local relationships and built the geologic insights we needed to operate successfully in the region. Over time, our SPAN clients began to ask us to evaluate their legacy 3D seismic datasets and see whether we might be able to ‘do something’ to improve their quality.

While Nigeria has been a hydrocarbon center for decades, the opportunities there grow more challenging with each passing year. Prospects are located in deeper waters and deeper within the geologic column. Oil trapping mechanisms are often associated with subtle changes in rock types. Target reservoirs are difficult to discriminate from the steeply dipping shales that are interbedded among them. And echoes off the seafloor, called multiples, can interfere with the recorded seismic signals.

In short, this is just the kind of complex environment in which ION likes to operate. It also is the kind of place where the full suite of our imaging skills can be brought to bear. Our expertise in areas like multiple elimination, Gaussian beam migration, and the cutting-edge reverse time migration (RTM) technique are proving invaluable as we take on the complex imaging challenges of the West African margin.

As demand for our GXT data processing services grew, we knew we needed a local partner to help us better navigate the complex business climate within Nigeria. We turned to a long-standing provider of geological data management solutions – Bulwark Services Ltd – and forged an alliance that has served us well since its formation in May 2005. Over the last three years, GXT-Bulwark Services Nigeria has expanded its customer base, service offerings, and employee population. Today, our geophysical services center in Port Harcourt is capable of handling jobs of the highest complexity and delivering a product that is the equal of any GXT service center around the world. Our Port Harcourt center also reflects our commitment to sustainability, including transferring advanced technologies and best practices to local communities where we operate. Our Port Harcourt center is managed by our local Nigerian partner and staffed primarily with geophysical professionals of Nigerian heritage.

We believe that we have only begun to scratch the surface of what the ION family of companies can achieve in West Africa. RXT has just moved a large VSO crew into Nigeria and has begun acquiring data under a multi-year contract for a supermajor; separately, GXT was awarded the full-wave processing portion of this project. The entire West African margin provides numerous opportunities for transition zone (TZ) imaging. And we are already receiving inquiries about FireFly surveys in the Niger Delta area. Even with all this progress in only a short period, it appears the virtuous cycle has only just begun.

 
Read: The Virtuous Cycle Read: Charging to the Seabed Read: Simplifying the Complex Read: Unlocking the Unconventional Read: Best Well in the Province Read: Spanning the Globe
 
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