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MarketScreener Homepage  >  Equities  >  Nyse  >  Ion Geophysical Corp    IO

ION GEOPHYSICAL CORP

(IO)
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Ion Geophysical : Expands Multi-client Data Library Offshore Brazil

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02/11/2019 | 12:06pm EDT

ION Geophysical Corporation announced a new 2D multi-client reimaging program offshore Brazil. The first phase of the Farofa program covers acreage in the deep water Campos basin that will be available for licensing this October in Brazil's upcoming Round 16. The program will reimage ~10,000 km of existing data using the latest technology to provide an updated view of the outboard salt basin area.

This program will extend the Picanha 3D program into the Round 16 area. The limited 3D data available in this area of Round 16 makes the Farofa dataset critical in providing valuable insights of the pre-salt potential. Initial data is expected to be available in Q1 2019 and the program is anticipated to be completed in May 2019.

"Brazil has continued to draw strong interest from large E&P companies, attracting an astounding $5.5 billion in signature bonuses in less than two years," said Joe Gagliardi, Senior Vice President of ION's E&P Business Development. "The Round 16 area covered by the Farofa program has extremely complex salt bodies that overlie and mask the extent of the pre-salt play. The complex nature of this area creates challenges in imaging relative to the inboard part of the Campos Basin, making it an exciting opportunity for new exploration. This program leverages ION's Brazil expertise and expands our data library in Brazil to 75,000 sq km of 3D data and 85,000 km of 2D data offshore."

(c) 2019 Universal Solutions S.A.E. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials ($)
Sales 2019 214 M
EBIT 2019 6,60 M
Net income 2019 -4,50 M
Debt 2019 -
Yield 2019 -
P/E ratio 2019 -
P/E ratio 2020
Capi. / Sales 2019 1,01x
Capi. / Sales 2020 0,87x
Capitalization 217 M
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James Martial Lapeyre Chairman
Steven A. Bate Chief Financial Officer & Executive Vice President
Jacques P. Leveille Executive Vice President-Technology
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