ION Geophysical Corporation (NYSE: IO) today announced a 3D new acquisition multi-client program in the southern North Sea. The Mid North Sea High (MNSH) is one of the last remaining underexplored regions offshore the prolific United Kingdom Continental Shelf and a recent well confirmed one of the first new plays in recent years. There is limited existing 3D data, providing a unique opportunity to image the entire area in high resolution to better assess future hydrocarbon potential.
The majority of the up to ~11,000 sq km industry-supported survey will be acquired next summer, however, an initial phase started in August to enable completion of the entire program by the end of the 2021 season. ION is pleased to have selected Shearwater GeoServices' Amazon Warrior for the initial acquisition. Shearwater's modern acquisition technology platform, coupled with ION's proven imaging capabilities, will deliver a high-quality product as customers seek the best data to inform decision-making in this attractive new play.
"The Mid North Sea High is close to shore with existing infrastructure, where the relatively low cost of development makes it attractive for existing players and potential new entrants," said Joe Gagliardi, Senior Vice President of ION's Ventures group. "Recent play-opening drilling ignited interest in this area after oil was discovered last December. Furthermore, the U.K. Oil and Gas Authority is promoting the MNSH as a key focus area for future UK oil and gas exploration. Block awards for the 32nd U.K. Offshore Licensing Round are expected to be announced soon and this data will count towards block work commitments for new and existing 3D seismic. This survey covers an area at least five times larger than any existing 3D data nearby and will provide a new regional perspective for imaging and developing the entire play."
To learn more, visit iongeo.com/MidNorthSeaHigh3D.
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ION (Investor relations)
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SOURCE ION Geophysical Corporation