ION imaging supported Talos' historic Zama-1 Mexico discovery
HOUSTON, July 26, 2017 /PRNewswire/ -- ION Geophysical Corporation (NYSE: IO) today announced that its imaging services supported the historic Zama-1 discovery offshore Mexico made by Talos Energy, LLC (Talos) and their partners. Zama-1 is the first offshore exploration well drilled by the private sector in Mexico's history and is estimated to hold 1.4 to 2.0 billion barrels of oil in place.
ION closely collaborated with Talos to reprocess and reimage data over all their blocks offshore Mexico. The Gulf of Mexico is one of the most complex oil and gas provinces and requires advanced techniques to truly understand the challenging subsurface. The combination of ION's extensive imaging experience in the Gulf of Mexico and proprietary processing technologies cost-effectively maximized data quality, delivering high resolution images that improved and de-risked prospect identification for the consortium.
John Parker, Executive Vice President of Exploration, Talos, commented, "The successful evaluation of the Zama prospect is a result of the tremendous collaboration between Talos, our consortium partners, Sierra Oil and Gas S. de R.L de C.V. and Premier Oil Plc, and ION. Talos launched this proprietary reprocessing project in March 2016, confident that ION could achieve significant improvement in imaging compared to the original data. ION's proprietary reprocessing of seismic data over Blocks 2 and 7 delivered significant uplift with superior images of multiple prospects, including Zama. ION completed the project on time and on budget. The Zama-1 results make a number of these additional prospects, both shallow and deep, look very attractive."
"As the first exploration well and discovery drilled by the private sector in Mexico in 79 years, Zama-1 is both a historic and significant discovery for Mexico and our clients. We are honored to have played a role in their journey to success," said Ken Williamson, Executive Vice President and Chief Operating Officer of ION's E&P Technology and Services group. "Tight collaboration with the consortium, almost 10 years of experience imaging the basin, and the application of the right technologies were key to accomplishing the consortium's imaging objectives. ION continues advancing its processing capabilities to gain significantly greater value from seismic data to reduce the risk and cost of exploration and enable new discoveries."
To learn more, visit iongeo.com/Zama1.
About ION
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.
About Talos Energy
Talos is a technically driven independent exploration and production company focused on the exploration, development and acquisition of oil and natural gas properties primarily in the Gulf of Mexico Developed Deepwater and Shelf and on the Texas and Louisiana Gulf Coast, with year-end net proved reserves of over 100 million BOE and production of approximately 30,000 BOE/day net to the Company's interest. During 2015, we leveraged our technical and operational expertise in the Gulf of Mexico and expanded our acreage position into two shallow water exploration blocks off the coast of Mexico. The Company's website is located at www.talosenergyllc.com.
Contacts
ION (Investor relations)
Executive Vice President and Chief Financial Officer
Steve Bate, +1 281.552.3011
[email protected]
ION (Media relations)
Vice President, Communications
Rachel White, +1 281.781.1168
[email protected]
Talos Energy
Brian Kennedy, +1.713.353.5402
[email protected]
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
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