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Tuesday, October 28, 2008
Release
ION and Guide Announce Geophysical Alliance
Joint Center to Provide Advanced Seismic Data Processing Services for North Africa
HOUSTON and CAIRO, Egypt, Oct. 27
ION Geophysical Corporation and Guide Geoscience Technologies, a Cairo-based seismic data processing company, announced the formation of an alliance to provide advanced imaging and reservoir-related services to oil & gas companies operating in North Africa. By blending the technological strengths of ION’s GX Technology (GXT) Imaging Solutions group and the regional expertise of Guide, the companies will deliver state-of-the-art geoscience technology solutions that enhance the quality and utility of seismic data, thereby allowing clients to optimize their exploration and development drilling programs, advance their hydrocarbon production, and find additional reserves in mature fields.
Egypt boasts one of the oldest oil & gas industries in the world, yet still offers many new opportunities for companies operating within the region. Egypt is a significant oil producer including the mature fields in the Gulf of Suez. More recently, major international oil companies have found new gas discoveries in the Nile Delta and the Western Mediterranean. Across the border in Libya, numerous international oil and gas companies have been awarded large tracts of undeveloped but highly prospective acreage over the last several years.
Given heightened exploration interest in North Africa, the Guide-ION imaging center in Cairo is ideally suited to deliver a broad range of advanced seismic processing services for 2D, 3D, land, marine, and transition zone data. The full scope of services also includes data conditioning, velocity model building, seismic imaging, and geophysical reservoir analysis and interpretation. The center has been equipped with the latest Linux-based server hardware and advanced data processing technology provided by ION. The Cairo seismic processing facility is staffed by Guide geophysicists supported by GX Technology experts in state-of-the-art data processing equipment, algorithms and workflows.
"We believe that the collective processing experience of Guide and GXT, including our advanced technologies and specialist personnel, will offer our clients in the region the highest quality seismic images available," stated Nick Bernitsas, Senior Vice President of GXT Imaging Solutions. "This partnership displays our commitment to expanding the global reach of our processing capabilities so they are readily accessible to our clients in key petroleum centers around the world."
Guide’s Chief Executive Officer, Adel Nasser, commented, "We look forward to leveraging this major business opportunity and bringing GXT’s experience and expertise to North Africa. Since GGT was established in 2005, we have rapidly expanded in the highly competitive Egyptian market. Developing business strategies based on technical excellence and the understanding of customer’s needs has allowed us to tackle the most complex imaging projects in the region. The new Guide-ION venture will be a valuable asset for the further expansion of GXT and Guide in Egypt and throughout the North Africa region."
About ION
ION is a leading provider of geophysical technology, services, and solutions for the global oil & gas industry. ION’s offerings allow E&P operators to obtain higher resolution images of the subsurface to reduce the risk of exploration and reservoir development, and enable seismic contractors to acquire geophysical data more efficiently. Additional information about ION is available at: http://www.iongeo.com.
About Guide
Guide Geoscience Technologies specializes in seismic data processing and integrated high-end geophysical technologies used in oil & gas exploration and development. Guide offers unique geophysical expertise through the integration of state-of-the-art analysis, solutions, and world-class expertise to improve the integrity of seismic data, enhance hydrocarbon production, and find additional reserves in mature fields. Additional information about Guide Geoscience Technologies is available at: http://www.guidegeoscience.com
The information included herein contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Actual results may vary fundamentally from those described in these forward-looking statements. All forward-looking statements reflect numerous assumptions and involve a number of risks and uncertainties. These risks and uncertainties include risk factors that are disclosed by ION from time to time in its filings with the Securities and Exchange Commission.
Contacts
ION (Financial community)
Chief Financial Officer
Brian Hanson, 
+1 281.879.3672
ION (Media affairs)
Senior Manager – Corporate Marketing
Jenny Salinas, +1 713.366.7286
[email protected]
GX Technology (Guide)
Regional Manager – Africa
Reda El Sakka, +20 10 192 5000
[email protected]
SOURCE ION Geophysical Corporation
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