HOUSTON, July 30 /PRNewswire-FirstCall/ -- ION Geophysical Corporation today announced that it has successfully acquired 5,000 km of regional seismic data covering the Bight Basin and Ceduna Sub-basin offshore southern Australia. Known as BightSPAN(TM), this latest addition to ION's global BasinSPAN(TM) seismic data library offers the first regional geologic study of Australia's deepwater southern coast.
The acquired BightSPAN data is currently being processed by ION's GX Technology (GXT) subsidiary using the latest pre-stack time (PreSTM) and depth migration (PreSDM) techniques and is scheduled for delivery to clients by year end, in advance of the April 2010 closure of the Australian Government's Offshore Petroleum Acreage Release. The upcoming licensing round includes six new blocks of frontier acreage in an under-explored area characterized by multiple source rock intervals and a wide range of structural and stratigraphic plays.
Ken Williamson, Senior Vice President of ION's Integrated Seismic Solutions group, commented, "The BightSPAN dataset should allow our clients to better define the potential of the deepwater areas of South Australia's Great Australian Bight and provide a clear understanding of the multiple source rock intervals and migration pathways of the region. It is the first regional geology program in Australia of this magnitude, and we are seeing interesting structures and intriguing geologic features in the early data results."
The BightSPAN program was designed to image through the crustal section, providing a better understanding of petroleum systems in the region. The thickest depocenter in the Bight Basin - the Ceduna Sub-basin - contains a sedimentary section in excess of 12 km thick. Indications of active petroleum systems in the area include oil and gas shows, a palaeo-oil column, and evidence of hydrocarbon seepage. BightSPAN was acquired with ten kilometer streamers for long offsets and eighteen-second record lengths to provide the best possible deepwater imaging of the region's petroleum systems. The program was designed in collaboration with regional geoscience experts and the Australian government to deliver new insights into the basin architecture and geologic framework and a more definitive understanding of the general source, structure, reservoir, and seal mechanisms of the region.
To learn more about ION's BightSPAN program, visit: http://www.iongeo.com/BightSPAN.
About ION
ION 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 http://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.
Contacts ION (Investor relations) Chief Financial Officer Brian Hanson, +1 281.879.3672 ION (Media relations) Director - Marketing Programs Karen Abercrombie, +1 713.366.7281 karen.abercrombie@iongeo.com
ION Geophysical Corporation
CONTACT: Investor relations, Brian Hanson, Chief Financial Officer,
+1-281-879-3672, or Media relations, Karen Abercrombie, Director - Marketing
Programs, +1-713-366-7281, karen.abercrombie@iongeo.com, both of ION
Geophysical Corporation
Web Site: http://www.iongeo.com/
