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.
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, 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