HOUSTON, Sept. 11, 2019 /PRNewswire/ -- ION Geophysical Corporation (NYSE: IO) today announced a new 2D multi-client program offshore West Africa. The industry-supported NamibeSPAN program covers the underexplored Namibe basin offshore southern Angola. The dataset integrates ION BasinSPAN programs in the area, forming a contiguous regional exploration framework in excess of 65,000 km along the West African coast. The program is the conjugate tie with offshore Brazil. The extension of the program into the Namibe basin provides valuable insight along both margins and is a framework to identify known discoveries as potential exploration analogues. ION expects acquisition to begin imminently with initial deliverables available for the upcoming license round later this year.
"Angola passed several petroleum laws in 2018 to make the legislative and fiscal terms more favorable for investment and to prevent an anticipated decline in oil production," said Joe Gagliardi, Senior Vice President of ION's Ventures group. "As a result, this basin is garnering significant interest from E&P companies seeking attractive frontier investment opportunities. Angola announced the launch of their first license round in eight years in October. Driven by client interest, we are continuing to expand our multi-client data library over the most appealing acreage around the world and we now have over 150,000 km offshore Africa."
To learn more, visit iongeo.com/Namibe.
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