HOUSTON, June 11, 2019 /PRNewswire/ -- ION Geophysical Corporation (IO) today announced an expansion to the Company's 2D multi-client program offshore Newfoundland, Canada. Due to continued client interest, the second phase of GrandSPAN has now more than doubled in size from last year's expectation to nearly 11,000 km. The industry-supported program is designed to both augment the results from the initial phase of the program acquired in 2018 and combine the regional program with two other ION BasinSPAN programs on the eastern Canadian margin, creating a contiguous regional seismic data set in excess of 30,000 km offshore northeast Canada. Acquisition began in June with initial deliverables becoming available starting July 2019 to be of value ahead of the upcoming lease rounds.
"The program is intended to further improve the understanding of hydrocarbon potential, extend known plays into new areas and de-risk new play types and exploration investments," said Joe Gagliardi, Senior Vice President of ION's Ventures group. "With proven producing basins and under-explored proven basins, northeast Canada presents an attractive opportunity for near-field explorers to utilize existing infrastructure and technology in the area. The second phase of the program will tie at least 12 additional key wells, joining the 46 already incorporated into the program, to enable customers to correlate current producing discoveries to new exploration ideas."
To learn more, visit iongeo.com/GrandSPAN.
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 7, 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.