HOUSTON, May 2, 2018 /PRNewswire/ — ION Geophysical Corporation (NYSE: IO) today announced acquisition began on a new 2D multi-client program offshore Ghana in partnership with Geoex and Ghana Geophysical.
ION and its partners will acquire up to 7,200 km of data in advance of the license round anticipated in late 2018 to help refine understanding of the hydrocarbon potential of the area. Similar to other ION BasinSPAN™ programs, West Equatorial AfricaSPAN was custom designed in collaboration with regional experts and clients to answer remaining geological questions with a survey tied to recent discoveries. This data will be the first offshore Ghana to image 40 km below the seafloor. In addition, ION’s Marlin™ operations optimization software will help maximize the safety and efficiency of the survey. Acquisition is expected to be completed at the end of May 2018 with Fast Track products available in Q3 2018 and final imaging products expected in Q1 2019.
Ghana is believed to have up to 5-7 billion barrels of petroleum and up to 6 trillion cubic feet of natural gas in reserves and has renewed interest due to new projects coming online and the resolution of the maritime boundary dispute with Côte d’Ivoire in September 2017. The Ghanaian Government is transitioning from an open door system to its first competitive bid round due to the petroleum legislation passed in August 2016 making its petroleum resource management more transparent.
“We are excited to support the Ghanaian government as the country prepares for its next offshore license round with the stated goal to attract additional investment to develop their reserves,” said Joe Gagliardi, Senior Vice President of ION’s E&P Business Development group. “The new data we are acquiring will help a number of E&P companies properly evaluate the offshore acreage in advance of the country’s first competitive bid round later this year.”
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 [email protected]