ION Completes Acquisition of JavaSPAN

ION Geophysical Corporation has completed acquisition of the company's latest basin-scale geologic program, JavaSPAN. The program provides a new regional 2D seismic framework of the Eastern Java Sea and the Makassar Straits, two highly prospective areas offshore Indonesia and Malaysia.

"As Indonesia's oil production declines and domestic demand increases, the need to expand exploration has become critical," stated Ken Williamson, Senior Vice President of ION's Integrated Seismic Solutions group.

"In an attempt to replace aging fields and reverse the decline trend, the government has invited E&P companies to bid for exploration rights in under-explored and under-developed areas, including the Eastern Java Sea. This region is believed to have significant hydrocarbon potential, but the geology is not entirely understood. In order to help oil & gas companies evaluate the region's full potential, a new basin-scale program was needed.

The BasinSPAN concept involves mega-regional, geologically driven programs that utilize the latest seismic depth imaging technologies. JavaSPAN provides information that E&P firms can use to derive insights into the relationships among the basins in the region and to build a consistent stratigraphic framework for better understanding regional petroleum systems, both of which are proving to be of significant value to oil & gas companies as they evolve their exploration strategies.

"Our JavaSPAN program has also been a catalyst in encouraging new investment that is targeting the deeper parts of the basin and other areas previously thought to be un-prospective. We are very excited about this new program and the opportunity it presents our customers."

JavaSPAN extends from Madura Island, East Java to south of Sulawesi and north into the Makassar Straits. ION's GX Technology (GXT) group, in partnership with P.T. Chandra Bumi Sakti, an Indonesian geophysical services company, worked with regional experts to design a survey to help evaluate the petroleum systems of this area and highlight prospective basins. Support and guidance throughout the program was provided by MiGas, Indonesia's E&P regulator, and Energi Sumber Daya Mineral, a department of the Ministry of Oil and Gas.

The JavaSPAN library contains nearly 10,000 kilometers of long-offset, long record-length data that was acquired using a custom-designed source and processed using GXT's proprietary multiple attenuation and pre-stack depth imaging technologies. JavaSPAN data is intended to provide a structural and stratigraphic framework in the time and depth domains that is consistent across the region. As part of the dataset, customers will receive an interpretation report prepared by regional experts to help mitigate their risk when identifying potential plays and planning exploration programs in the area.