ION Geophysical this week announced the initial phase of the Company's North Sea 3D multi-client program was acquired safely and ahead of schedule. While the majority of the up to ~11,000 sq km industry-supported survey will be acquired next summer, this initial phase enables the Company to complete the entire program by the end of the 2021 season. The Mid North Sea High program covers one of the last underexplored sections of the prolific UK Continental Shelf, and is now an area of industry focus following recent play-opening wells. The existing infrastructure and proximity to the shore makes it attractive for future investment. Since the program launched, additional acreage was awarded over the survey area, reinforcing the value of the asset and increasing the potential client base for our program. Final deliverables will be available in April 2021.

"This program marks our entry into the North Sea and completes one of the company's top strategic objectives this year to enter the larger 3D new acquisition multi-client market," said Ken Williamson, Executive Vice President and Chief Operating Officer of ION's E&P Technology and Services group. "On behalf of ION, I'd like to thank Shearwater for their partnership in the program. We successfully acquired the most challenging shallow water section of the survey, where conflicts with other operations would have been more challenging in subsequent years. Utilizing the Company's Marlin™ and Orca® software, ION's Optimization Services team planned the project using an innovative digital methodology that incorporates impacts of ocean currents and nearby operations to make better decisions in real time. This assured maximum data collection during the available 2020 season and more uniform subsurface coverage. We are looking forward to the second phase next summer."

KeyFacts Energy Industry Directory: ION