Monday 13 September 2021

ION Geophysical Corporation (NYSE: IO) today announced a third, fully underwritten phase of the Company’s Mid North Sea High 3D new acquisition multi-client program. The Mid North Sea High program covers one of the few remaining underexplored areas offshore the UK, where relatively low development costs close to shore make it attractive for future investment. Adjacent to the initial phase, the survey location fills a gap in existing subsurface coverage and is strategically important to expanding ION’s regional footprint. Data collection of the ~700 sq km industry-supported survey is expected to occur from mid-September until late October.

“Client prefunding demonstrates continued support and interest in this geologically complex, commercially appealing play,” said Joe Gagliardi, Senior Vice President of ION’s Ventures group. “ION is strategically investing where we believe capital will continue flowing throughout the energy transition. We expect data purchases will largely be aligned with lower risk, higher return strategies focused on stable regulatory environments, proven basins and infrastructure-led exploration that leverages existing nearby facilities. Multiple exploration and appraisal wells are occurring within the next year to test new prospects and further define nearby discoveries. Based on the excellent phase one subsurface image quality, we expect to provide fresh insights in a new regional perspective for developing the entire Zechstein play.”