Share this page with someone.

Facebook Twitter LinkedIn Print Email

HOUSTON, Sept. 1, 2015 /PRNewswire/ — ION Geophysical Corporation (NYSE: IO) and the Tanzanian Petroleum Development Corporation (TPDC) today announced that the TPDC has awarded ION a contract to acquire 4,058 km of 2D seismic, gravity and magnetic data over offshore blocks 4/1B and 4/1C in the Rovuma Delta region. The award follows an international tender, number PA/031/2014-15/W/06, for a 2D multi-client survey, to be known as ‘TPDC Phase I 2015’, that is planned to be acquired in fourth quarter 2015.

“We are very excited on the commencement of this program, which is part of a broader campaign aimed at adding value to all of TPDC assets, both onshore and offshore,” Dr James Mataragio, Managing Director of TPDC, commented. “This survey and three other surveys carried onshore are 100% funded by TPDC. This marks an important step for TPDC, as a National Oil Company, to begin fully focusing on exploration, development and production. Blocks 4/1B and 4/1C are 100% owned and operated by TPDC, and this new seismic data will be used to assist TPDC with a competitive farmout process, details of which will be announced at a later date.”

Joe Gagliardi, Senior Vice President of ION’s Ventures group, added, “ION is delighted to have been awarded this contract, which represents a further phase of seismic acquisition, processing and interpretation services to be provided by ION in support of the government’s hydrocarbon exploration strategy.”

About ION
ION is a leading provider of technology-driven solutions to the global oil & gas industry.  ION’s offerings are designed to help companies reduce risk and optimize assets throughout the E&P lifecycle. For more information, visit iongeo.com.

About TPDC
Tanzania Petroleum Development Corporation (TPDC) through the new enacted Petroleum Exploration and Production Act 2015 is now the National Oil Company of Tanzania through which the Ministry of Energy and Minerals implements its petroleum exploration and development policies.

Contacts
ION (Investor relations)
Executive Vice President and Chief Financial OfficerSteve Bate, +1 281.552.3011
steve.bate@iongeo.com

ION (Media relations)
Vice President, Marketing & CommunicationsKaren Abercrombie, +1 713.366.7281
karen.abercrombie@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 risks associated with the timing and development of the Company’s products and services, the competitiveness of offers, pricing pressure, decreased demand, and changes in oil prices; and political, execution, regulatory, and currency risks.  Additional risk factors, which could affect actual results are disclosed by the Company in its fillings with the Securities and Exchange Commission (“SEC“), including its Form 10-K, Form 10-Q and Form 8-ks filed during the year.  The Company expressly disclaims any obligation to revise or update any forward-looking statements.

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/ion-awarded-tpdc-contract-for-seismic-survey-300134904.html

SOURCE ION Geophysical Corporation