ION completes Colombia Caribe 2D reprocessing program providing enhanced regional understanding of the Caribbean offshore
May 03 2022 - 6:00AM
ION Geophysical Corporation (NYSE:IO) announced today that it
has completed reprocessing of the prestack time and depth imaging
of over 62,000 km of legacy data acquired from the National
Hydrocarbon Agency of Colombia (ANH) for its Colombia Caribe 2D
reprocessing program. This multi-client reprocessing provides
consistent parameterization of 18 surveys with vintages ranging
from 1982 through 2014. In combination with PanamaSPAN and
AntillesSPAN, the program provides basin-wide coverage of the
Caribbean.
“We recognized the value of reprocessing vintage seismic data as
not only a proven means for operators to revisit and de-risk
frontier basins such as those in offshore Colombia, but also for us
to be socially responsible” said Liliana Zuleta, Technical Vice
President, ANH. “This is just one of many efforts made to improve
the competitiveness and attractiveness of Colombia for offshore
investment by E&P companies.”
“We are humbled to play a small role in helping assure the
country’s long term energy security,” said Chris Usher, President
and CEO of ION. “The significant uplift in data quality that our
reimaged prestack time and depth data delivers allows operators to
assess the basin not only at a lower cost, but also with lower
risks.”
The program was supported with industry funding.
Final pre-stack time and depth imaged deliverables are now
available. Learn more at www.iongeo.com/colombia.
About IONLeveraging 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.
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 Company’s
ability to consummate the restructuring transactions; the Company’s
ability to obtain Bankruptcy Court approval with respect to motions
or other requests made to the Bankruptcy Court; the ability of the
Company to confirm and consummate the Plan; the Company’s ability
to comply with the milestones set forth in the Restructuring
Support Agreement; the effects of the Chapter 11 Cases on the
Company’s liquidity or results of operations or business prospects;
the effects of the Chapter 11 Cases on the Company’s business and
the interests of various constituents; the length of time that the
Company will operate under Chapter 11 protection; risks associated
with third-party motions in the Chapter 11 Cases; increased levels
of employee attrition during the Chapter 11 Cases; 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 restructuring transactions; political, execution, regulatory,
and currency risks; the outcome or changes, if any, of our
consideration of various strategic alternatives; and the impact to
our liquidity in the current uncertain macroeconomic environment,
including the war in Ukraine. 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, and our
Forms 10-Q for the quarters ended March 31, 2021, June 30, 2021,
and September 30, 2021, filed on May 6, 2021, August 12, 2021, and
November 3, 2021, respectively. 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.
Contacts
ION (Investor Relations)
Executive Vice President and Chief Financial Officer
Mike Morrison, +1 281.933.3339
mike.morrison@iongeo.com
Vice President, Investor Relations
Sharon Wang-Stockton, +1 281.933.3339
sharon.wang-stockton@iongeo.com
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