ION announces first 3D multi-client program in Mauritania

Rhea-AI Summary

ION Geophysical Corporation (NYSE: IO) has initiated the first 3D multi-client program in Mauritania in collaboration with the Ministry of Petroleum, Mines and Energy. The program will reimage approximately 24,000 sq km of existing 3D data, with potential expansion to 15,000 km of 2D data, aimed at enhancing data resolution and subsurface insights.

With an expected launch in 2020 and deliverables in mid-2021, this initiative seeks to bolster Mauritania's exploration strategy and attract investments, unlocking significant natural resource opportunities in the region.

Positive

• First 3D multi-client program in Mauritania, enhancing exploration capabilities.
• Integration of 24,000 sq km of existing 3D data and potential expansion to 15,000 km of 2D data.
• Improved data resolution expected to aid in identifying new oil and gas opportunities.

Negative

• None.

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

FAQ

What is the significance of ION's 3D multi-client program in Mauritania for IO stock?

The program aims to enhance exploration capabilities and attract investment, which may positively impact ION's stock performance.

When is ION's 3D data program expected to start and when will final deliverables be available?

The program is expected to commence in 2020, with final deliverables scheduled for mid-2021.

What areas will the 3D multi-client program cover in Mauritania?

The program will cover approximately 24,000 sq km of existing 3D data, with the possibility of expanding to 15,000 km of 2D data.

How will the 3D multi-client program benefit Mauritania?

It is designed to improve the exploration strategy and attract new investments, ultimately benefiting national resource development.

What are the potential impacts of ION's new program on the energy sector?

The program could identify new oil and gas opportunities in Mauritania, which may lead to increased exploration activities in the region.