Nov 3 2010
Hyperdynamics Corporation (NYSE Amex: HDY) today announced the completion of the second portion of its 3D seismic survey in the Company's offshore concession in the Republic of Guinea.
This portion of the offshore survey covers 875 square kilometers of a total planned 2010 survey of 3,635 square kilometers.
Ray Leonard, the President and CEO of Hyperdynamics, stated, "We are very pleased that the seismic acquisition in the second survey area finished on schedule. From a look at some preliminary data from the Viking, we are encouraged about seismic quality. The data from this survey, like that from the first survey area, will go to the PGS center in Houston for processing. We expect first results of Pre-Stack Time Migration in December, and Post-Stack Depth Migration in January."
Petroleum Geo-Services (PGS) seismic vessel Viking acquired this survey, completing the project on October 30 after 28 days of work. Initial views of the seismic data from the vessel, which are used for quality control, demonstrate increased energy penetration and resolution compared to earlier surveys in this area.
The first acquisition phase of the 3D seismic survey -- 2,760 square kilometers in an area located about 75 kilometers east of the first survey area -- was acquired by the PGS seismic vessel Challenger starting on August 11, 2010. This data acquisition phase lasted 57 days. The seismic data from the first survey is currently being processed by PGS in Houston.
Hyperdynamics operates the offshore Guinea concession with a 77 percent interest. Aberdeen-based Dana Petroleum has a 23 percent stake.
Source: Hyperdynamics Corporation