HOUSTON, Feb. 13, 2012 /PRNewswire/ --ION Geophysical Corporation (NYSE: IO) today announced that its GeoVentures™ group has added an additional 8,000 kilometers of regional seismic data to its Greater BrasilSPAN™ program in the Equatorial Margin offshore northern and northeastern Brazil. To be processed by ION's GX Technology data processing group, this new data adds to the approximately 17,600 kilometers of data the company acquired in the region in 2009 and brings the total number of kilometers in the company's BrasilSPAN portfolio to over 50,000.
Recent major discoveries in West Africa's Ghana and Ivory Coast, which are geologically similar to Brazil's Equatorial Margin basins, have increased interest among oil & gas companies in the conjugate margin in northern Brazil. ION's Greater BrasilSPAN provides E&P companies with a better understanding of the orientation of the transform and growth faults and the deposition environment of the key basins from Foz do Amazonas to Potiguar.
Ken Williamson, Senior Vice President of ION's GeoVentures group, commented, "Our BrasilSPAN program provides E&P companies with a regional depth-imaged framework to better understand the hydrocarbon potential offshore Brazil. But the dataset is also of great value to E&P operators in Africa, as it reveals striking similarities in the structural framework of the petroleum systems on both sides of the Atlantic Margin."
The second phase of ION's Greater BrasilSPAN program will be available in the third quarter of 2012, in anticipation of the 11th Brazilian licensing round expected to be announced in early 2012.
To learn more about ION's BrasilSPAN program, visit: www.iongeo.com/BrasilSPAN.
ION Geophysical Corporation is a leading provider of geophysical technology, services, and solutions for the global oil & gas industry. ION's offerings are designed to allow E&P operators to obtain higher resolution images of the subsurface to reduce the risk of exploration and reservoir development, and to enable seismic contractors to acquire geophysical data safely and efficiently. Additional information about ION is available at www.iongeo.com.
The information included herein contains 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. Actual results may vary fundamentally 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 risk factors that are disclosed by ION from time to time in its filings with the Securities and Exchange Commission.
ION (Investor relations)
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Greg Heinlein, +1 281.552.3011
ION (Media relations)
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Karen Abercrombie, +1 713.366.7281
SOURCE ION Geophysical Corporation