ION commences new 2D multi-client program offshore West Africa

5/3/2018

HOUSTON -- ION Geophysical Corporation has 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 third-quarter 2018, and final imaging products expected in first-quarter 2019.

Ghana is believed to have up to 5-7 Bbbl of petroleum and up to 6 Tcf 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.

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