HOUSTON, May 10, 2018 /PRNewswire/ -- ION Geophysical Corporation (NYSE: IO) today announced its seventh 3D multi-client reimaging program offshore Mexico. Based on the success of both the Campeche and Mexican Ridges 3D reimaging programs, now totalling over 130,000 sq km, ION is extending its data in a lesser explored area further to the north. The Perdido South 3D reimaging program consists of over 16,000 sq km across six surveys in the southern part of the attractive Perdido area, believed to have prolific hydrocarbon potential. ION's significant experience offshore Mexico, adjacent to the program area, will aid in the design of cutting-edge processing workflows and deliverables to optimize image quality and inform exploration programs.
"We are pleased to be collaborating on another large project offshore Mexico, where we anticipate strong client demand in upcoming license rounds," commented Brian Hanson, ION's President and Chief Executive Officer. "Our approach to reimage the raw data using the most advanced imaging technology into a seamless data set will jumpstart exploration efforts in this largely untested basin."
The data will be delivered in phases over the next 10 months, with initial deliverables available in May, to accelerate subsurface knowledge and inform upcoming bid round decisions.
To learn more, visit iongeo.com/PerdidoSouth.
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, 2017, filed on February 8, 2018. 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-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