The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from PR Newswire

ION Expands AfricaSPAN Regional Seismic Program

Monday, July 18, 2011

ION Expands AfricaSPAN Regional Seismic Program16:15 EDT Monday, July 18, 20118,700 Kilometers of Basin-scale Data Acquired Offshore Tanzania and MozambiqueHOUSTON, July 18, 2011 /PRNewswire/ -- ION Geophysical Corporation (NYSE: IO) today announced that it has successfully acquired 8,700 km of regional seismic data offshore Tanzania, Mozambique, and Comoros, adding to the 14,000 km of data the company previously acquired in the region in the first two phases of its East AfricaSPAN? program.  Several recent large discoveries offshore Mozambique and southern Tanzania have created tremendous interest in the East Africa margin for oil exploration. This third phase of ION's East AfricaSPAN program provides the basis for an improved understanding of the hydrocarbon potential in this highly prospective region.  Ken Williamson, Senior Vice President of ION's Integrated Seismic Solutions group, commented, "Recent development activities in East Africa, particularly in Kenya and Tanzania, were initiated as a result of geologic insights provided by the first two phases of our East AfricaSPAN program.  This additional dataset will provide important ties to the Southern petroleum provinces of East Africa in Mozambique and southern Tanzania, and help shape ideas for exploration in the rest of the margin."East AfricaSPAN III was acquired using long offsets and a specially designed source optimized for deep penetration and imaging.  The data will be processed using ION's GX Technology group's latest proprietary processing and imaging technologies.  Pre-stack time migration (PSTM) results will be available in November 2011, with pre-stack depth migration (PSDM) results available December 2011.To learn more about ION's AfricaSPAN program, visit www.iongeo.com/AfricaSPAN.About IONION Geophysical Corporation is a leading provider of geophysical technology, services, and solutions for the global oil & gas industry. ION's offerings allow E&P operators to obtain higher resolution images of the subsurface to reduce the risk of exploration and reservoir development, and enable seismic contractors to acquire geophysical data more efficiently. Additional information about ION is available at www.iongeo.com.The information included herein contains 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. Actual results may vary fundamentally 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 risk factors that are disclosed by ION from time to time in its filings with the Securities and Exchange Commission.ContactsION (Investor relations)Chief Financial OfficerBrian Hanson, +1 281.879.3672ION (Media relations)Director - Corporate MarketingKaren Abercrombie, +1 713.366.7281karen.abercrombie@iongeo.com SOURCE ION Geophysical Corporation