ION commences new 2D multi-client program offshore West Africa

HOUSTON, May 2, 2018 /PRNewswire/ -- ION Geophysical Corporation (NYSE: IO) today announced acquisition began on a new 2D multi-client program offshore Ghana in partnership with Geoex and Ghana Geophysical.  ION and its partners will acquire up to 7,200 km of data in advance of the license round anticipated in late 2018 to help refine understanding of the hydrocarbon potential of the area.  Similar to other ION BasinSPAN™ programs, West Equatorial AfricaSPAN was custom designed in collaboration with regional experts and clients to answer remaining geological questions with a survey tied to recent discoveries.  This data will be the first offshore Ghana to image 40 km below the seafloor.  In addition, ION's Marlin™ operations optimization software will help maximize the safety and efficiency of the survey.  Acquisition is expected to be completed at the end of May 2018 with Fast Track products available in Q3 2018 and final imaging products expected in Q1 2019.

Ghana is believed to have up to 5-7 billion barrels of petroleum and up to 6 trillion cubic feet of natural gas in reserves and has renewed interest due to new projects coming online and the resolution of the maritime boundary dispute with Côte d'Ivoire in September 2017.  The Ghanaian Government is transitioning from an open door system to its first competitive bid round due to the petroleum legislation passed in August 2016 making its petroleum resource management more transparent. 

"We are excited to support the Ghanaian government as the country prepares for its next offshore license round with the stated goal to attract additional investment to develop their reserves," said Joe Gagliardi, Senior Vice President of ION's E&P Business Development group.  "The new data we are acquiring will help a number of E&P companies properly evaluate the offshore acreage in advance of the country's first competitive bid round later this year." 

To learn more, visit iongeo.com/WEASPAN.

About ION

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.

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ION (Investor relations)

Executive Vice President and Chief Financial Officer
Steve Bate, +1 281.552.3011
[email protected]

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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