HOUSTON, Sept. 11, 2019 /PRNewswire/ -- ION
Geophysical Corporation (NYSE: IO) today announced a new 2D
multi-client program offshore West Africa. The
industry-supported NamibeSPAN program covers the underexplored
Namibe basin offshore southern Angola. The dataset integrates
ION BasinSPAN programs in the area, forming a contiguous regional
exploration framework in excess of 65,000 km along the West African
coast. The program is the conjugate tie with offshore
Brazil. The extension of the
program into the Namibe basin provides valuable insight along both
margins and is a framework to identify known discoveries as
potential exploration analogues. ION expects acquisition to
begin imminently with initial deliverables available for the
upcoming license round later this year.
"Angola passed several
petroleum laws in 2018 to make the legislative and fiscal terms
more favorable for investment and to prevent an anticipated decline
in oil production," said Joe
Gagliardi, Senior Vice President of ION's Ventures
group. "As a result, this basin is garnering significant
interest from E&P companies seeking attractive frontier
investment opportunities. Angola announced the launch of their first
license round in eight years in October. Driven by client
interest, we are continuing to expand our multi-client data library
over the most appealing acreage around the world and we now have
over 150,000 km offshore Africa."
To learn more, visit iongeo.com/Namibe.
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.
Contacts
ION (Investor relations)
Executive Vice President and Chief Financial Officer
Steve Bate, +1 281.552.3011
steve.bate@iongeo.com
ION (Media relations)
Vice President, Communications
Rachel White, +1 281.781.1168
rachel.white@iongeo.com
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,
2018, filed on February 7,
2019. 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.
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SOURCE ION Geophysical Corporation