HOUSTON, Oct. 29, 2019 /PRNewswire/ -- ION Geophysical
Corporation (NYSE: IO) today announced a new 3D multi-client
program in Argentina's Neuquén
Basin. ION is nearly tripling the size of its Vaca Muerta
program to 25,000 sq km over one of the most prospective
unconventional plays in the world, which is estimated to hold 16
billion barrels of recoverable hydrocarbons. The first phase
of the program is complete with twenty-five seamlessly merged 3D
data sets comprising a single 9,000 sq km depth volume. The
second phase of the program is in progress and will increase the
project size to 25,000 sq km by merging an additional 60+ surveys
and incorporating 150+ wells. Future interpretation studies
derived from this information will provide the framework for a
basin-wide understanding of all major intervals in addition to the
Vaca Muerta Formation.
"Oil and gas companies are investing billions of dollars to
explore and develop this world-class unconventional resource," said
Joe Gagliardi, Senior Vice President
of ION's Ventures group. "Many operators are active in the
area and our project underwriters agree that a large-scale program
will improve understanding of the basin architecture as a whole,
and how the Vaca Muerta fits into the larger exploration
picture. ION has repeatedly demonstrated its unique ability
to rapidly and cost-effectively provide a cohesive view of
basin-wide systems using existing 3D seismic and well data."
To learn more, visit iongeo.com/VacaMuerta.
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, 2017, filed on February 8, 2018. 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