ION announces third phase of Mid North Sea High 3D multi-client program

Rhea-AI Summary

ION Geophysical Corporation (NYSE: IO) has announced a third, fully underwritten phase of its Mid North Sea High 3D multi-client program, covering approximately 700 sq km offshore the UK. This initiative aims to fill a crucial gap in subsurface coverage and is strategically positioned for future investment due to low development costs and a stable regulatory environment. Data collection is scheduled from mid-September to late October, driven by client prefunding and interest in the region's geologically complex prospects.

Positive

• Completion of a third phase in the Mid North Sea High 3D program enhances ION's market presence.
• The program is fully underwritten, indicating strong client interest and support.
• Low development costs associated with the area make it attractive for future investments.
• Data collection is expected to provide fresh insights and bolster existing exploration efforts.

Negative

• None.

HOUSTON, Sept. 09, 2021 (GLOBE NEWSWIRE) -- ION Geophysical Corporation (NYSE: IO) today announced a third, fully underwritten phase of the Company’s Mid North Sea High 3D new acquisition multi-client program. The Mid North Sea High program covers one of the few remaining underexplored areas offshore the UK, where relatively low development costs close to shore make it attractive for future investment. Adjacent to the initial phase, the survey location fills a gap in existing subsurface coverage and is strategically important to expanding ION’s regional footprint. Data collection of the ~700 sq km industry-supported survey is expected to occur from mid-September until late October.

“Client prefunding demonstrates continued support and interest in this geologically complex, commercially appealing play,” said Joe Gagliardi, Senior Vice President of ION’s Ventures group. “ION is strategically investing where we believe capital will continue flowing throughout the energy transition. We expect data purchases will largely be aligned with lower risk, higher return strategies focused on stable regulatory environments, proven basins and infrastructure-led exploration that leverages existing nearby facilities. Multiple exploration and appraisal wells are occurring within the next year to test new prospects and further define nearby discoveries. Based on the excellent phase one subsurface image quality, we expect to provide fresh insights in a new regional perspective for developing the entire Zechstein play.”

To learn more, visit iongeo.com/MidNorthSeaHigh3D.

About ION

Leveraging innovative technologies, ION delivers powerful data-driven decision-making to offshore energy and maritime operations markets, enabling clients to optimize investments and results through access to our data, software and distinctive analytics. Learn more at iongeo.com.

Contacts

ION (Investor relations)

Executive Vice President and Chief Financial Officer
Mike Morrison, +1 281.879.3615
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; the ultimate benefits of our completed restructuring transactions; 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, 2020, filed on February 12, 2021. Additional risk factors, which could affect actual results, are disclosed by the Company in its filings with the Securities and Exchange Commission, 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.

 

FAQ

What is ION Geophysical's recent announcement regarding the Mid North Sea High program?

ION Geophysical announced a third phase of its Mid North Sea High 3D multi-client program, covering 700 sq km, expected to boost the company's market position.

When is data collection for the Mid North Sea High 3D program scheduled?

Data collection is scheduled from mid-September to late October 2021.

What potential benefits does the Mid North Sea High program offer to ION Geophysical?

The program offers advantages like low development costs and the filling of subsurface coverage gaps, attracting future investments.

How is client interest reflected in ION Geophysical's recent program?

Client prefunding for the program demonstrates strong support and interest in the region’s exploration potential.