HOUSTON, March 14, 2018 /PRNewswire/ -- ION Geophysical Corporation (NYSE: IO) today announced a new 3D multi-client broadband reimaging program offshore Australia. The North Vulcan 3D multi-client reimaging program covers the northern part of the Vulcan sub-basin offshore northwest Australia in an area known for complex imaging challenges. The ~17,000 sq km program seamlessly integrates and reimages data from 15 vintage surveys using modern depth imaging. It builds on knowledge gained from ION's regional 2D WestraliaSPAN survey and incorporates additional geophysical insight and geological interpretation to create a superior new image and enhanced subsurface understanding.
This proven hydrocarbon province has suffered from a lack of investment, in part due to the poor quality of existing data. Reprocessing has delivered significant imaging uplift in geologies with similar imaging challenges. ION's state-of-the-art broadband processing and GMO tomography can overcome subsurface imaging challenges stemming from a complicated velocity structure due to both shallow carbonates and salt. This cost-effective reimaging will help de-risk future exploration in this complex area at a fraction of the cost of acquiring new data. There are a number of existing fields and discoveries as well as available acreage in upcoming license rounds within the boundary of the North Vulcan 3D multi-client reimaging program.
"Based on our recent proof of concept, we expect to reveal new subsurface insights and hope to breathe new life into this relatively underdeveloped area," said Joe Gagliardi, Senior Vice President of ION's E&P Business Development group. "The North Vulcan 3D reimaging program will be available to re-evaluate this complex province and inform investment decisions ahead of upcoming license rounds."
To learn more, visit iongeo.com/Vulcan.
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