ION signs multi-client agreement for 2D and 3D programs offshore Colombia

HOUSTON, Jan. 22, 2020 /PRNewswire/ -- ION Geophysical Corporation (NYSE: IO) today announced the Company entered into a multi-client agreement with Colombia's National Hydrocarbon Agency, the ANH, granting rights to reprocess existing data and acquire new 2D and 3D multi-client programs offshore Colombia's Caribbean coast. In February, the ANH announced a series of reforms to encourage investment in exploration and production, such as a permanent license round and a more attractive tax regime, to boost declining production and increase reserves. The data is intended to enable better understanding of hydrocarbon potential and investment opportunities of underexplored shallow and deep water offshore blocks on offer.

"We are continuing to extract maximum value from existing datasets by seamlessly reimaging them into a single volume, tying all available well data and then supplementing with new data where necessary," said Joe Gagliardi, Senior Vice President of ION's Ventures group. "The combination of Colombia's new permanent license round and improved legislative terms are causing E&P companies to take a second look at Colombia's offshore frontier. Analysis to date suggests several established petroleum systems offshore that we believe are worth better understanding."

To learn more, visit iongeo.com/Colombia.

About ION

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.

Contacts

ION (Investor relations)
Executive Vice President and Chief Financial Officer
Steve Bate, +1 281.552.3011
[email protected] 

ION (Media relations)
Vice President, Communications
Rachel White, +1 281.781.1168
[email protected]

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; and political, execution, regulatory, and currency risks. These risks and uncertainties also include risks associated with the WesternGeco litigation and other related proceedings. We cannot predict the outcome of this litigation or the related proceedings. For additional information regarding these various risks and uncertainties, including the WesternGeco litigation, see our Form 10-K for the year ended December 31, 2017, filed on February 8, 2018. 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.

SOURCE ION Geophysical Corporation