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Hyperdyamics Contracts Norwegian Firm for Oil Survey Off Guinea’s Coast

June 21, 2010

Hyperdynamics Contracts Norwegian Firm for $21M Oil Survey off Guinea’s Coast – cbl

By citybizlist Staff

HOUSTON — Hyperdynamics Corp. (NYSE: HYD) has contracted Norway’s PGS Geophysical AS to conduct a three-dimensional seismic survey to obtain detailed imaging of previously identified oil and gas prospects off the shores of Republic of Guinea in northern Africa, according to an SEC filing.

The Houston-based oil and gas developer said the Norwegian company would survey an area of 3,500 square kilometers in which a previous two-dimensional survey identified multiple prospects. The survey is expected to cost $21 million.

PGS will carry out the survey in two stages, commencing mid-July, using an advanced seismic ship and two chase vessels. The vessels will carry two representatives each of Hyperdynamics and the Guinea government, besides two marine mammal observers.

Hyperdynamics will own the data from the marine survey, expected to be completed by October.

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