HOUSTON, Aug. 3, 2017 /PRNewswire/ -- ION Geophysical Corporation (NYSE: IO) today announced a new 3D multi-client broadband reimaging program offshore the Western Gulf of Mexico using the Mexican National Hydrocarbons Commission (CNH) data library. The Mexican Ridges 3D reimaging program is fully supported by industry funding and contains eight surveys covering approximately 28,800 sq km over the Mexican Ridges fold belt. Fast track data is available now for the deep water lease round (Round 2.4) in January 2018 and final products will be available for future license rounds in the area.
The Mexican Ridges are known for the complex geology and compressional folds. While there are many proven plays onshore and in shallow water, companies are looking for new play fairways and additionally how the known plays are related to observations in deep water. ION's Mexican Ridges program is a consistent, contiguous regional 3D volume that provides a better understanding of the hydrocarbon potential in this part of the basin.
"There is strong continued client interest in Mexico and demand for higher resolution data following the historic Zama-1 discovery. With the success of our Campeche reimaging program, ION is expanding its multi-client data offshore Mexico," said Ken Williamson, Executive Vice President and Chief Operating Officer of ION's E&P Technology and Services group. "Our regional expertise in the Gulf of Mexico has enabled us to refine and test our geological understanding using the 3D data and provide cost-effective, high quality imaging to improve prospect identification and de-risk multiple exploration opportunities in the basin."
To learn more, visit iongeo.com/Ridges.
ION is a leading provider of technology-driven solutions to the global oil & gas industry. ION's offerings are designed to help companies reduce risk and optimize assets throughout the E&P lifecycle. 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 risks associated with the timing and development of the Company's products and services, the competitiveness of offers, pricing pressure, decreased demand, and changes in oil prices; and political, execution, regulatory, and currency risks. 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-Q 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