ION acquires first seismic survey offshore Panama in 30 years

8/9/2017

HOUSTON -- ION Geophysical Corporation has announced acquisition is in progress on a new 2D multi-client program offshore Panama. Supported by industry funding, this is the first seismic survey acquired there in approximately 30 years. PanamaSPAN is designed to provide the framework to evaluate the hydrocarbon potential of this unexplored area ahead of the anticipated inaugural license round. 

Building on recent exploration success offshore Colombia immediately adjacent to Panama's Caribbean coast, E&P companies are becoming increasingly interested in high-quality seismic data in this area to understand the potential hydrocarbon prospectivity. Initial deliverables will be available in fourth-quarter 2017 and complete interpretation of the data will be available by mid-2018 to guide investment strategies.

The National Energy Secretary of Panama, Víctor Urrutia, said, "Hydrocarbon exploration in Panama has identified various sedimentary basins, proving the existence of geological structures that may contain oil and gas, although there hasn't been a commercially exploitable discovery. Today, through the use of new and more sophisticated techniques, it is possible to identify prospective areas that previously were not considered economically viable, such as deep water deposits and/or those that are geologically more difficult to locate. The initiation of this seismic survey will provide high-value information to help assess Panama's oil and natural gas prospectivity. We value the geological and geophysical expertise ION is providing to this process and are confident they will deliver the products and understanding required for proper evaluation. We look forward to working with them throughout this process."

"The unique survey design will provide a better understanding of the hydrocarbon potential offshore Panama," commented Joe Gagliardi, SVP of ION's Ventures Group.

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