HOUSTON, Jan. 13, 2020 /PRNewswire/ -- ION Geophysical Corporation (NYSE: IO) today announced a new 3D multi-client reimaging program offshore Uruguay. Leveraging the Company's existing regional UruguaySPAN data and subsurface knowledge, ION is reimaging 22,000 sq km of data over the country's deep water blocks to create a contiguous volume for a holistic exploration perspective of the margin. This program builds on ION's excellent 3D merge and reimaging track record established on our quarter of a million square kilometer data library, and adds important geographical diversity to this unique product offering.
"There has been renewed interest in exploring the South Atlantic margin following a number of notable discoveries," said Joe Gagliardi, Senior Vice President of ION's Ventures group. "Uruguay recently launched a permanent bidding round for offshore and onshore acreage, known as Open Uruguay Round, which will be held bi-annually in May and November. To revitalize exploration in this frontier basin, the government changed their terms to be more commercial in the global market. Exploration wells have documented aspects of a working petroleum system. There are a number of promising offshore opportunities that have not been tested and the new merged volume will help reduce uncertainty in future pursuits."
To learn more, visit iongeo.com/Uruguay3D.
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 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