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ION Geophysical Acquires UruguaySPAN Data Library

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February 21, 2013 | Comments (0)

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On Thursday, seismic oil-and-gas explorer ION Geophysical (NYSE: IO  ) announced it has just acquired a trove of geologic information on the Punta del Este Basin offshore Uruguay -- 2,800 kilometers worth of "high-quality, depth-imaged seismic data" labeled UruguaySPAN, which it will now proceed to sell to oil exploration and production companies looking to drill in the area.

ION noted in a press release on the subject that the UruguaySPAN data links up well with similar surveys known as ArgentineSPAN and BrasilSPAN, which ION already owns. Collectively, the company says it now possesses "the first true regional framework of the Punta del Este basin."

The company's GX Technology data processing group is currently processing its latest library of data, and should be available for sale to clients in Q2 2013.

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Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.


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5/22/2013 4:02 PM
IO $6.32 Down -0.04 -0.63%
ION Geophysical Co… CAPS Rating: ****

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