ION Geophysical Corporation IO announced the commercial deployment of its Gemini extended frequency source (“EFS”) technology for a supermajor.
This is the first commercial deployment of the company’s new broadband seismic source technology. Notably, this innovative source technology satisfies the growing industry demand for increased geophysical fidelity in complicated geological structures and simultaneously delivers both improved operational and environmental performances.
In September, subsequent to the technology’s commercialization, Gemini was named by the energy companies in several proprietary tenders, beginning in January. As we know, several E&P investment areas for development and exploration are in the middle of the world's most complex geological settings that require more accurate imaging for low-cost oil and gas extraction.
Gemini offers a large source spectrum, which is significantly richer in low frequencies and has lower environmental impacts. Notably, this is due to the fact that lower frequencies are capable of penetrating rough or high contrast boundaries more effectually, leading to an improved signal to noise ratio in the data, enabling us to see clearly. Thus, Gemini is capable of generating <4Hz frequencies needed to image in complex geological structures, where penetration of low frequencies is crucial.
Importantly, the technology has shown improved functionality and has expanded its market scope since its development. It reflects Gemini’s value to help energy companies optimize their exploration and development decisions for more potential prospects in their portfolios.
Headquartered in Houston, ION Geophysical is a leading provider of geophysical technology, services and solutions for the global oil & gas industry. The company’s stock has gained 63.3% in the past three months.
ION Geophysical currently has a Zack Rank #4 (Sell).
Some better-ranked players in the energy space are Bonanza Creek Energy BCEI, Goodrich Petroleum Corporation GDP and Diamondback Energy, Inc. FANG, each currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Over the past 60 days, the Zacks Consensus Estimate for 2021 earnings for Bonanza Creek and Goodrich Petroleum has been raised by 32.5% and 28.5%, respectively.
Diamondback has seen a rise in earnings estimates from $3.25 to $4.80 over the past 60 days.
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