HOUSTON, Sept. 1, 2015 /PRNewswire/ -- ION
Geophysical Corporation (NYSE: IO) and the Puntland Petroleum
Minerals Agency (PPMA) announced that the PPMA has awarded ION a
contract to acquire 8,000 kilometers of seismic data covering
the entire Somalia Puntland offshore margin. The regional 2D
multi-client survey, known as PuntlandSPANTM, is being
conducted to support a future license round initiative and to
assist the E&P industry in gaining a better understanding of
the architecture of the sedimentary basin and the hydrocarbon
potential of this unexplored offshore margin. Data acquisition is
expected to begin in fourth quarter 2015.
In addition, the PPMA today announced the demarcation of its
offshore territory into 25 exploration blocks covering 180,000
square kilometers of the Somalia Puntland seaboard. In total,
there are seven Blocks in the Gulf of Aden and 18 Blocks in the
Indian Ocean that have been defined. Block sizes range from
5,000 square kilometers in the inshore area to 25,000 square
kilometers in the deeper water.
Dr. Issa Farah, the Director of
the PPMA, commented, "The creation of the Block scheme is an
important milestone in the development of oil and gas exploration
within the jurisdiction of the autonomous State of Puntland. The
PPMA is pleased to announce the availability of these blocks and
looks forward to engaging with the industry to discuss their plans
for the region."
Joe Gagliardi, Senior Vice
President of ION's Ventures group, added, "We are very pleased to
assist the PMAA in demarcating a block boundary scheme, which
heralds an important step in their preparation for future licensing
rounds offshore Puntland. The acquisition of the PuntlandSPAN data
will provide valuable insight into the petroleum prospectivity of
the region, and we are pleased to be a part of this ground-breaking
program."
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