HOUSTON, July 29, 2019 /PRNewswire/ — ION Geophysical Corporation (NYSE: IO) today announced a new 3D multi-client reimaging program offshore Denmark. The initial 2,200 sq km phase of the 10,250 sq km program is aligned with the Danish Energy Agency’s objective to boost exploration activity by providing a modern, affordable 3D depth-imaged data set. The program is ideally suited for upcoming biannual license rounds, the ninth of which is expected to open in 2020. Initial deliverables are expected to be available in September 2019 with final deliverables in January 2020.
“The North Sea is one of the most prolific hydrocarbon basins in the world and the Danish sector has been producing oil and gas for nearly five decades,” said Joe Gagliardi, Senior Vice President of ION’s Ventures group. “As a stable and attractive oil and gas investment area with an estimated 3 billion barrels of reserves, the fresh turnover of blocks and new players provides an exciting opportunity for a regional depth-imaged 3D survey to help drive a new wave of exploration success. We are leveraging our proprietary imaging experience and advanced model building and imaging tools, including full waveform inversion, to tackle the imaging challenges associated with the area. We are confident this product will support E&P operators as they seek to maximize the value of these remaining reserves.”
To learn more, visit iongeo.com/Denmark.
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.
ION (Investor relations)
Executive Vice President and Chief Financial Officer
Steve Bate, +1 281.552.3011
ION (Media relations)
Vice President, Communications
Rachel White, +1 281.781.1168
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, 2018, filed on February 7, 2019. 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.
SOURCE ION Geophysical Corporation