ION Announces New 2D Multi-client Program on Australia's Northwest Shelf

HOUSTON, May 29, 2013 /PRNewswire/ -- ION Geophysical Corporation (NYSE: IO) today announced that it has completed acquisition of over 11,500 km of new 2D seismic data on Australia's northwest shelf.  Known as WestraliaSPAN™, the survey area extends from the Exmouth Plateau to the Browse and Bonaparte Basins.  The regional, long offset data will be depth imaged by ION's GX Technology group using their latest WiBand™ broadband processing technology. 

Australia's northwest shelf is the major hydrocarbon producing province of Australia and one of the few regions in the world in which major discoveries are still being made.  The region's basins contain more than 80% of Australia's identified natural gas resources, as well as extensive oil & gas reserves.

Scott McFarlane, Vice President, Asia Pacific for ION's GeoVentures division, said, "ION's WestraliaSPAN survey provides a basin-scale framework across the entire Westralia Superbasin.  It was designed to provide our clients with a comprehensive understanding of depositional systems, structural evolution, and geological development of the underexplored deeper potential in this highly prospective region. We were aware the area posed significant imaging challenges, and to address these, our program has been designed integrating our proven deep tow acquisition methods and patent pending WiBand processing technology.  The results of a preliminary test look extremely promising, and we believe this integrated approach to problem solving is a key differentiator for us." 

PSTM deliverables will be available in August 2013.  To learn more about WestraliaSPAN, visit iongeo.com/WestraliaSPAN. 

About ION

ION Geophysical Corporation is a leading provider of geophysical technology, services, and solutions for the global oil & gas industry. ION's offerings are designed to allow E&P companies to obtain higher resolution images of the subsurface to reduce the risk of exploration and reservoir development, and to enable seismic contractors to acquire geophysical data safely and efficiently. Additional information about ION is available at www.iongeo.com.

Contacts

ION (Investor relations)
Senior Vice President and Chief Financial Officer
Greg Heinlein, +1 281.552.3011

ION (Media relations)
Vice President - Corporate Marketing
Karen Abercrombie, +1 713.366.7281
[email protected]

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.Acutal 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.

SOURCE ION Geophysical Corporation

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