This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

ION Opens New Seismic Data Processing Center In Perth, Australia

Stocks in this article: IO





HOUSTON, July 23, 2013 /PRNewswire/ -- ION Geophysical Corporation (NYSE: IO) today announced that it has established a GX Technology (GXT) seismic data processing center in Perth, to serve the needs of oil & gas companies in Australia and throughout the Asia-Pacific region.  The new center is staffed with experienced geoscience professionals with regional expertise and offers a full range of leading seismic imaging services and technologies, including depth imaging and ION's patent-pending WiBand TM broadband processing technology.

Economic growth in Asia Pacific is driving the need for a dependable energy supply in the region, prompting industry experts to predict an estimated 20% year-over-year growth in E&P capex expenditure in 2013.  In 2012 alone, there were 13 offshore discoveries in the area.  Australia is experiencing an oil & gas exploration industry boom, driven by the massive resources of its northwest shelf, and also by the significant potential for unconventional hydrocarbon reserves.

Chris Usher, Executive Vice President and Chief Operating Officer of ION's GeoScience division, commented, "With the opening of this new center, our 13 th around the world, we continue to expand our footprint into global E&P hotspots.  The Australian northwest shelf is in transition from an exploration to development phase.  Production from these fields will continue for decades, and the challenge will be to monitor and manage field development for optimum recovery.  We found that our customers operating there have been underserved in terms of high-end, quality seismic imaging, and we are pleased to open this center with material backlog." 

Kelly Beauglehole, the Center's Managing Director, added, "We have seen a tremendous demand in the region for advanced imaging services, including pre-stack depth imaging, and high-quality seismic data, including our recently acquired 11,500 km 2D survey of Australia's northwest shelf, known as WestraliaSPAN TM.  With our full spectrum of geophysical services and knowledgeable staff, ION is well positioned to help E&P companies minimize risk and maximize their assets throughout the exploration and development cycles, for both conventional and unconventional hydrocarbon reserves in Australia."

Rob Kneale, Geophysics Manager, Apache Energy Ltd., added, "Apache are pleased to see GXT open an office in Perth, which will combine experienced local staff with GXT's impressive imaging algorithms and workflows."

The center will officially open on July 24, 2013.  For more information, visit  iongeo.com/processingcenters.

About IONION 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.



1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,601.41 +244.54 1.41%
S&P 500 2,042.73 +29.84 1.48%
NASDAQ 4,713.6870 +69.3750 1.49%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs