ION expands 2D multi-client program offshore Newfoundland

HOUSTON -- ION Geophysical Corporation has announced an expansion to the Company's 2D multi-client program offshore Newfoundland, Canada. Due to continued client interest, the second phase of GrandSPAN has now more than doubled in size from last year's expectation to nearly 11,000 km. The industry-supported program is designed to both augment the results from the initial phase of the program acquired in 2018 and combine the regional program with two other ION BasinSPAN programs on the eastern Canadian margin, creating a contiguous regional seismic data set in excess of 30,000 km offshore northeastern Canada. Acquisition began in June with initial deliverables becoming available starting July 2019 to be of value ahead of the upcoming lease rounds.

"The program is intended to further improve the understanding of hydrocarbon potential, extend known plays into new areas and de-risk new play types and exploration investments," said Joe Gagliardi, senior V.P. of ION's Ventures group. "With proven producing basins and under-explored proven basins, northeast Canada presents an attractive opportunity for near-field explorers to utilize existing infrastructure and technology in the area. The second phase of the program will tie at least 12 additional key wells, joining the 46 already incorporated into the program, to enable customers to correlate current producing discoveries to new exploration ideas."