HOUSTON, July 23, 2020 /PRNewswire/ -- ION
Geophysical Corporation (NYSE: IO) today announced the first 3D
multi-client program in Mauritania
in partnership with the Ministry of Petroleum, Mines and Energy
(MPME). ION will seamlessly integrate and reimage ~24,000 sq
km of MPME-held 3D data and can expand the scope to include ~15,000
km of 2D data pending industry support. Leveraging the
Company's latest technology and extensive reimaging experience, ION
aims to significantly enhance the data's resolution and subsurface
insights. The 3D volume has applications across the E&P
lifecycle, helping reduce risk at play, prospect and reservoir
scales. ION expects the program to commence in 2020 with
final deliverables available in mid-2021.
His Excellency Mr. Mohamed Abdel
Vetah, Minister of Petroleum, Mines and Energy, commented,
"Through this project, ION will support the efforts of the Ministry
to improve its exploration strategy offshore and onshore in the
Taoudeni area and attract more investors with the aim of developing
the national resources for the benefit of our nation and to build a
long-term beneficial partnership, which are the ultimate goals of
his Excellency the President of Mauritania."
"We are pleased Mauritania
selected ION to better understand its resources and attract new
investments to the country, enabling all stakeholders to make more
informed decisions," said Joe
Gagliardi, Senior Vice President of ION's Ventures
group. "Recent world-class discoveries have identified huge
volumes of natural gas. Mauritania's subsurface has never been
revealed on a regional 3D scale and we believe there is substantial
potential to identify new prospective oil and gas opportunities in
this proven, under-explored basin when viewed in this new
context. We expect this data volume will play a pivotal role
in unlocking Mauritania's
remaining hydrocarbon potential for years to come."
To learn more, visit iongeo.com/Mauritania.
About ION
Leveraging innovative technologies, ION delivers powerful
data-driven decision-making to offshore energy, ports and defense
industries, enabling clients to optimize operations and deliver
superior returns. Learn more at iongeo.com.
Contacts
ION (Investor relations)
Executive Vice President and
Chief Financial Officer
Mike Morrison, +1 281.552.3011
mike.morrison@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; agreements made or adhered to by members of OPEC and other
oil producing countries to maintain production levels; the COVID-19
pandemic; and political, execution, regulatory, and currency risks
. For additional information regarding these various risks and
uncertainties, see our Form 10-K for the year ended December 31, 2019, filed on February 6, 2020. 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