July 31, 2009 (FinancialWire) — Ion Geophysical Corp. (NYSE: IO) said it has acquired 5,000 kilometers of regional seismic data covering the Bight Basin and Ceduna Sub-basin offshore southern Australia. Known as BightSpan, the data library offers the first regional geologic study of Australia’s deepwater southern coast, according to Ion.

The acquired data is currently being processed by Ion’s GX Technology subsidiary using pre-stack time and depth migration techniques and is scheduled for delivery to clients by year end, in advance of the April 2010 closure of the Australian government’s offshore petroleum acreage release.

Ion said that the upcoming licensing round includes six new blocks of frontier acreage in an under-explored area characterized by multiple source rock intervals and a wide range of structural and stratigraphic plays.

The BightSpan program was designed to image through the crustal section, providing a better understanding of petroleum systems in the region. The thickest depocenter in the Bight Basin - the Ceduna Sub-basin - contains a sedimentary section in excess of 12 kilometers thick.

Houston-based Ion Geophysical is a provider of geophysical technology, services, and solutions for the global oil & gas industry.

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