Benzinga | Jun 3, 2021 04:21PM EDT

ION Starts Second Phase Of North Sea 3D Multi-client Program

ION Geophysical Corporation (NYSE:IO) today announced the commencement of a second, significantly larger phase of its ~11,000 sq km North Sea 3D multi-client program. The Mid North Sea High's proximity to shore and existing infrastructure translate to lower development costs, making the play particularly attractive to incumbents and new entrants alike. Phase two builds on a successful first phase last year, where Shearwater's modern acquisition technology and ION's top tier imaging produced outstanding subsurface images that revealed fresh insights into this promising, underexplored UK province. ION is pleased to partner with Shearwater again on phase two, which, upon completion in mid-October, will increase the program survey area six-fold.

ION is employing digital technologies to acquire the survey in a more environmentally-conscious manner. Utilizing the Company's Marlin(tm) and Orca(r) software, ION incorporated impacts from ocean currents into the survey design to maximize data collection efficiency during the short North Sea summer season while minimizing emissions. In addition, through the Company's Marlin software, ION and Shearwater are collaborating with fisheries to minimize disruption to both operations by coordinating vessel and equipment movement. ION and Shearwater also support the industry's Ghost Net initiative to create a healthier ocean environment by removing plastic and other marine debris.

"We are enthusiastic about starting the second phase of Mid North Sea High, which has been in the works for some time and will start contributing to our earnings this summer," said Joe Gagliardi, Senior Vice President of ION's Ventures group. "The UK remains an attractive area for investment with one of the highest global returns per barrel. Until recently, the Zechstein play had been largely overlooked because seismic technology wasn't able to properly resolve this complex, variable play. This program demonstrates how new high quality data can illuminate and unlock the potential of promising new plays."