Jim Hollis, Executive Vice President of the I/O Solutions Division, commented on the significance of this milestone, "Over the last 12 months, we have been in an intense period of design, engineering, manufacturing, and pilot testing for this revolutionary land seismic imaging system. It is a testament to the hard work of many individuals within I/O and our launch and supply chain partners that we have reached this important milestone according to our agreed-upon timeline. The Wamsutter project involved recording approximately 7,200 shot points in a 28 square mile survey area. The acquisition crew averaged approximately 700 shots per day with a dynamite energy source; peak production was 1,001 shots during a six hour period. With acquisition operations on our first survey successfully concluded, we can now turn our attention to imaging the Wamsutter data with a host of advanced techniques, including cross-spread and offset vector tile (OVT) processing, and to mobilizing for our next project with Apache."
The Apache survey is scheduled to begin in March 2007 at an asset in northeast Texas. The project involves recording approximately 15 million traces in a 77 square mile survey area over an estimated 30 day deploy-record- retrieve cycle. The resulting full-wave seismic data should allow Apache to better characterize the target reservoirs and to measure the productivity of FireFly-enabled vs. conventional seismic acquisition in this agriculturally- sensitive region.
Hollis went on to add, "The Wamsutter project included not only FireFly FSUs and VectorSeis sensors, but also our initial software release designed to support a new approach to land acquisition operations. Developed by our Concept Systems subsidiary, Connex(TM) software has helped BP and Global Geophysical, BP's designated seismic contractor for the first Wamsutter FireFly survey, to optimize all aspects of field operations, including planning, and real-time surveying with the latest GIS technologies; orchestrating in-field navigation and positioning of both acquisition equipment and personnel; deploying and retrieving recording equipment; managing inventories; and transmitting, integrating, and quality controlling the acquired seismic data. As we scale to high station counts, having a software platform such as Connex will greatly improve our customers' ability to manage the workflows of field acquisition and to ensure both the integrity and timeliness of subsequent data processing operations."
FireFly, a full-wave land acquisition platform, combines proven wireless communication, data storage, and power technologies from other industries in a seismic acquisition system that operates without cables. With its cableless architecture, FireFly offers dramatic improvements in system weight, operational productivity, and health, safety, and environmental (HSE) performance, as well as in the quality and utility of the seismic images that result.
For more information on FireFly, please visit http://www.i-o.com/firefly .
I/O is a leading, technology-focused seismic solutions provider. The company provides cutting-edge seismic acquisition equipment, software, planning and seismic processing services and data libraries to the global oil and gas industry. I/O's technologies are applied in both land and marine environments, in traditional 2D and 3D surveys, and in rapidly growing areas like time-lapse (4D) reservoir monitoring and full-wave imaging. Headquartered in Houston, Texas, I/O has regional offices in Canada, Latin America, Europe, China, Russia, Africa and the Middle East. Additional information is available at http://www.i-o.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 I/O from time to time in its filings with the Securities and Exchange Commission
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