ION Aligns with GGT to Provide Seismic Services to North Africa

ION Geophysical Corp.

ION Geophysical Corporation and Guide Geoscience Technologies (GGT), 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."