HOUSTON, March 25, 2015 /PRNewswire/ -- ION
Geophysical Corporation (NYSE: IO) today announced completion of
the seismic acquisition stage of the company's NamibiaSPAN™
program, which extends the full length of Namibia's offshore continental margin.
Acquisition was conducted in cooperation with BGP (China National
Petroleum Corporation).
With an estimated 100 billion barrels of oil remaining to be
discovered and produced in Africa's offshore waters, NamibiaSPAN plays a
critical role in establishing a contiguous dataset for the full
West Africa margin extending from
Mossel Bay to the Bight of Benin. NamibiaSPAN comprises over
10,000 km of two-dimensional (2D) multi-client data and represents
the newest addition to ION's BasinSPAN™ library, which encompasses
approximately 500,000 km of 2D basin-scale data in E&P hotspots
around the world including NigeriaSPAN™, EquatorSPAN™ and
CongoSPAN™ in West Africa.
"Namibia is positioned to help
define future exploration and production activity across a wide
region that extends beyond our borders," Immanuel Mulunga,
Petroleum Commissioner for Namibia's Ministry of Mines and Energy,
noted. "Our goal is to achieve the fullest understanding of
Namibia's offshore potential,
which includes tying our seismic data with that of neighboring
basins in order to better comprehend the margin as a whole."
NamibiaSPAN enhances interpretation of its conjugate margin in
the Pelotas Basin offshore Brazil,
with conjugate ties extending to Uruguay and Argentina. Using recently
acquired BasinSPAN data in South
America, geoscientists can deploy conjugate exploration
strategies to evaluate rock and sedimentary connections as these
regions evolved and separated over time. Insight into these
conjugates is critical to making accurate predictions regarding
future oil and gas potential; since 1980, Africa's proven reserves of natural gas have
risen over 140 percent, due in large part to accurate assessment of
conjugate data.
"As clearly illustrated by recent E&P activity and the
accelerated pace of drilling, Namibia has become an important exploration
province, attracting oil companies worldwide," Joe Gagliardi, Senior Vice President of ION's
GeoVentures group, commented. "In conjunction with existing
and planned BasinSPAN surveys in adjacent countries, NamibiaSPAN
should help lift offshore activity in one of the world's most
important regions for oil and gas production."
Data processing and imaging is currently underway, with
pre-stack time migration (PSTM) data scheduled for availability by
July 2015 and pre-stack depth
migration (PSDM) data available by October 2015. To learn
more, visit iongeo.com/NamibiaSPAN.
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.
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, Marketing & Communications
Karen Abercrombie, +1
713.366.7281
karen.abercrombie@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 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.
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SOURCE ION Geophysical Corporation