HOUSTON, March 25, 2019 /PRNewswire/ -- ION Geophysical Corporation (NYSE: IO) today announced a new 2D multi-client reimaging program off the Pacific coast of Central America. The Maya Reprocessing program covers unexplored open acreage that has not had E&P activity in 40 years. Previous exploration wells along the margin suggest the presence of an active petroleum system in the Pacific forearc basins. E&P companies can use these data to evaluate the prospective areas identified from the reimaged data. The program covers ~9,000 km of data that extend from the Tehuantepec Basin of Southern Mexico to the Sandino Basin of Western Nicaragua and creates a calibrated data set. The program is expected to be completed before the end of the year.
"We have repeatedly proven the value we can deliver by seamlessly integrating and reimaging existing data sets," said Joe Gagliardi, Senior Vice President of ION's E&P Business Development. "This approach provides a cost-effective way for our clients to evaluate prospectivity of new areas. A broad range of E&P companies are looking to add new low cost reserves to their portfolios and are interested in exploring some new frontiers."
To learn more, visit iongeo.com/Maya.
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.
ION (Investor relations)
Executive Vice President and Chief Financial Officer
Steve Bate, +1 281.552.3011
ION (Media relations)
Vice President, Communications
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 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, 2018, filed on February 8, 2019. 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-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