HOUSTON, May 17, 2018 /PRNewswire/ -- ION Geophysical Corporation (NYSE: IO) today announced a new 2D multi-client program offshore Grand Banks in Newfoundland, Canada. In the first phase of GrandSPAN, ION will acquire approximately 10,000 km of data with an expectation to sanction a second phase of approximately 5,000 km of data further south in 2019. The industry-supported program is designed to investigate the architecture, evaluate the petroleum potential of proven basins and understand the geologic differences between producing and non-producing areas. GrandSPAN will integrate with two other ION BasinSPAN programs in the area, providing a contiguous regional seismic data set in excess of 20,000 km offshore northeast Canada. ION expects acquisition to begin this summer with initial deliverables available in Q3 2018.
"There has been a significant amount of oil and gas activity offshore northeast Canada for some time," said Joe Gagliardi, Senior Vice President of ION's E&P Business Development group. "However, exploration efforts to date have been fragmented, with a limited understanding of small geographic areas. This program is designed to understand on a regional scale differences between basins in the area and why some exploration wells were successful and others were not. This kind of information provides E&P companies with new insights to more cost-effectively explore and develop acreage in this area."
To learn more, visit iongeo.com/GrandSPAN.
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.
SOURCE ION Geophysical Corporation