HOUSTON, Sept. 1, 2015 /PRNewswire/ -- ION Geophysical
Corporation (NYSE: IO) and the Tanzanian Petroleum Development
Corporation (TPDC) today announced that the TPDC has awarded ION a
contract to acquire 4,058 km of 2D seismic, gravity and magnetic
data over offshore blocks 4/1B and 4/1C in the Rovuma Delta region.
The award follows an international tender, number
PA/031/2014-15/W/06, for a 2D multi-client survey, to be known as
'TPDC Phase I 2015', that is planned to be acquired in fourth
quarter 2015.
"We are very excited on the commencement of this program, which
is part of a broader campaign aimed at adding value to all of TPDC
assets, both onshore and offshore," Dr James Mataragio, Managing Director of TPDC,
commented. "This survey and three other surveys carried onshore are
100% funded by TPDC. This marks an important step for TPDC, as
a National Oil Company, to begin fully focusing on exploration,
development and production. Blocks 4/1B and 4/1C are 100% owned and
operated by TPDC, and this new seismic data will be used to assist
TPDC with a competitive farmout process, details of which will be
announced at a later date."
Joe Gagliardi, Senior Vice
President of ION's Ventures group, added, "ION is delighted to have
been awarded this contract, which represents a further phase of
seismic acquisition, processing and interpretation services to be
provided by ION in support of the government's hydrocarbon
exploration strategy."
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 TPDC
Tanzania Petroleum Development Corporation
(TPDC) through the new enacted Petroleum Exploration and Production
Act 2015 is now the National Oil Company of Tanzania through which the Ministry of Energy
and Minerals implements its petroleum exploration and development
policies.
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