Hyperdynamics Awards 3D Seismic Processing Contract
HOUSTON, July 13 /PRNewswire-FirstCall/ — Hyperdynamics Corporation (NYSE Amex: HDY) today announced that it has contracted with PGS Geophysical to process the data from the 3D seismic survey to be conducted over its offshore block in the Republic of Guinea. PGS was recently awarded the contract for the acquisition phase of the survey which is expected to commence later this month. The 3,675 square kilometer survey should allow detailed mapping of multiple prospects which were identified from the prior 2D seismic data.
The seismic data processing is expected to cost about $2.5 million, bringing the estimated total cost of the acquisition and processing work to $25.0 million. Hyperdynamics’ net share of the combined program is 77% or approximately $19.3 million.
“We look forward to working with PGS,” stated Ray Leonard, President and CEO of Hyperdynamics. “The 3D survey represents a major step forward towards choosing a location for the drilling of our initial exploration well in late 2011.”
Hyperdynamics is an emerging independent oil and gas exploration and production company that is exploring for oil and gas offshore the Republic of Guinea in West Africa. To find out more, visit our website at www.hyperdynamics.com.