ION announces multi-client 2D mega-regional seismic survey offshore Libya

ION Geophysical Corp. has, in conjunction with North Africa Geophysical Exploration Co. (NAGECO), signed an agreement with the National Oil Corp. (NOC), the national oil company of Libya, to acquire 21,000 km (13,048 mi) of 2D seismic data in Libya.

May 30th, 2014

Offshore staff

HOUSTON –ION Geophysical Corp. (NYSE: IO) has, in conjunction with North Africa Geophysical Exploration Co. (NAGECO), signed an agreement with the National Oil Corp. (NOC), the national oil company of Libya, to acquire 21,000 km (13,048 mi) of 2D seismic data in Libya.

Known as LibyaSPAN, the 2D multi-client survey will be acquired in multiple phases. Phase 1 is planned to encompass over 7,700 km (4,785 mi) of new high-end long-offset seismic data covering the entire Libyan offshore.

LibyaSPAN is designed to create a comprehensive picture of the Libyan geology, tying all of the major basins and providing the deep imaging essential to understanding new exploration plays. With the anticipation of future license rounds in Libya, the data will help oil and gas companies evaluate large regions and focus on those areas with the highest chance of success.

Data acquisition is anticipated to begin in mid-2014, with data delivery planned for the end of 2014.

05/30/2014

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