HOUSTON, Aug. 8, 2017 /PRNewswire/ -- ION Geophysical Corporation (NYSE: IO) today announced acquisition is in progress on a new 2D multi-client program offshore Panama. Supported by industry funding, this is the first seismic survey acquired there in approximately 30 years. PanamaSPAN™ is designed to provide the framework to evaluate the hydrocarbon potential of this unexplored area ahead of the anticipated inaugural license round.
Building on recent exploration success offshore Colombia immediately adjacent to Panama's Caribbean coast, E&P companies are becoming increasingly interested in high-quality seismic data in this area to understand the potential hydrocarbon prospectivity. Initial deliverables will be available in Q4 2017 and complete interpretation of the data will be available by mid-2018 to guide investment strategies.
The National Energy Secretary of Panama, Víctor Urrutia, said, "Hydrocarbon exploration in Panama has identified various sedimentary basins, proving the existence of geological structures that may contain oil and gas, although there hasn't been a commercially exploitable discovery. Today, through the use of new and more sophisticated techniques, it is possible to identify prospective areas that previously were not considered economically viable, such as deep water deposits and/or those that are geologically more difficult to locate. The initiation of this seismic survey will provide high-value information to help assess Panama's oil and natural gas prospectivity. We value the geological and geophysical expertise ION is providing to this process and are confident they will deliver the products and understanding required for proper evaluation. We look forward to working with them throughout this process."
"The unique survey design will provide a better understanding of the hydrocarbon potential offshore Panama," commented Joe Gagliardi, SVP of ION's Ventures group. "We will deliver the highest quality products and geologic insight to properly evaluate the exploration potential offshore Panama that our clients have come to expect from BasinSPAN programs."
To learn more, visit iongeo.com/Panama.
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.
ION (Investor relations)
Executive Vice President and Chief Financial Officer
Steve Bate, +1 281.552.3011
ION (Media relations)
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Rachel White, +1 281.781.1168
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