HDY DD for investors ...
Let's look at the body of work performed to date ... update
In addition to the information below please review my notes on the shareholder's meeting and listen to the audio of the event from the HDY web site at the following links.
Map depicting leads or prospects
To date the company has performed 3-D, extensive enhanced 2-D, satellite imagery, seep studies including heavy piston drop coring, geochemical analysis including Total Scanning Fluorescence (TSF), Hydrocarbon Gas Chromatographic and Interstitial Gas, aviation magnetomertry, and AVO and EEI (Extended Elastic Impedance) attribute analysis and geological modeling to decide to perform 3-D on certain extraordinary targets. These small portion of all targets have been identified to hold 2.3 BILLION barrels, as one might extrpolate this is a petroleum province in the making. Recent data revealed at the annual meeting suggests that there may be two source kitchens of various geologic ages generating hydrocarbons for the numerous leads.
PGS, Spectrum Energy and Information Technology, Inc., TDI Brooks International Inc., Infoterra, Seismic Image Processing (SIP), GeoMark Research, Ltd. and other major oil companies and independent scientists have processed and reprocessed test results and seismic data on behalf of HDY/SCS.
In September, 2010 HDY announced the results of a 2-D resource evaluation conducted by Netherland Sewell and Associates Inc. (NSAI) of the Company's oil and gas concession offshore Republic of Guinea.
NSAI, a leading provider of reserve audits and exploration resource assessments, conducted a three-month assessment of the prospective oil resources in selected prospects in Hyperdynamics' concession offshore Guinea that resulted in a total of "Best Estimates" for all assessed prospects and leads of 2.3 billion barrels of recoverable unrisked prospective oil resources.
The NSAI evaluation focused on the area currently being evaluated by the 3,635-square-kilometer 3D survey under contract with Petroleum Geo-Services (PGS) of Norway. Further resource potential is anticipated on the remainder of the 25,000-square-kilometer concession with future work.
We are talking about a handfull of the 15-25 targets identified by 2-D & a small amount of 3-D at 2.3 billion barrels.
Schedule of events March/April 2011: estimated from Annual meeting
February 23, 2011 - bid deadline for drilling tender.
March 1 - 11, 2011 - Order all casing, well heads, and materials etc.
March 7-18 - annnounce winning drilling company and semi-submersible rig and sign contract in April, 2011.
March 7-18 - Netherland Sewell 2-D report on deep water fans and huge Jurassic leads (giants and super giant)
March 14-25 - PGS and Hyperdynamics finish 3-D analysis of the phase I data collected in the southern blocks and forward findings to Netherland Sewell
April 11-29, 2011 - NSAI updates phase I independent 2-D report to 3-D status.
August 1-5, 2011 - Support ships loaded and leave for Guinea
September 1, 2011 - semi-submersible drilling rig departs for Guinea
October 1-7, 2011 - Drilling program commences;1st of 2 spuds with an option for a 3rd.
November 21 - Dec 16 - Second well spuds.
Some of my favorite quotes from past press releases:
Geoscientists Confirm Hyperdynamics' Positive AVO Results
Results Support Existence of Fluid in Giant Oil and Gas Field Prospect offshore Guinea
HOUSTON, Dec 18, 2008 (BUSINESS WIRE) --
Hyperdynamics Corporation (AMEX:HDY) announced today that independent geoscientists have completed test procedures that substantiate a positive amplitude versus offset result (AVO), a key Direct Hydrocarbon Indicator (DHI).
The result of the testing was corroborated between world renowned geophysical specialists in the UK, as well as by the Company's in-house geoscientists and consultants. The work was performed on the seismic data attributes associated with one of the Company's top drilling prospects offshore the Republic of Guinea. It is estimated at over 900 square kilometers in size and with an estimated 239 billion cubic meters of gross volume. The AVO+ result supports the existence of fluid within its mapped prospect reservoir.
Hyperdynamics' Geosciences Team Triples its Prospect Portfolio and Maps a Super-Giant Size Structure
Double Shelf-Slope Break Discovered Offshore Guinea
HOUSTON, Oct 06, 2008 (BUSINESS WIRE) -- Hyperdynamics Corporation (AMEX:HDY) announced today that its geosciences team's interpretive work, completed so far this year on its 2008 2D seismic, has at least tripled its total number of prospects over what was known from earlier work. Both Structural and Stratigraphic prospect types exist and run along the slope-shelf portion of the West African Transform Margin Play that runs through the Company's 31,000 square mile (80,000 square kilometer) contract area offshore Guinea. Beginning as far south as Benin and moving up the West African coast in this fairway, there have been at least 40 discoveries in recent years with oil equivalents of over eight billion barrels proved thus far.
The structural type prospects delineated so far include 15 very large structures with fault based hydrocarbon trapping confirmed for each prospect. Due to the prevalent existence of the transform marginal faulting, some prospects have been interpreted to have 3-way closure while others have 4-way closure. Using the volumetrically based classifications documented by the renowned Geologist, Mr. Michael Halbouty, each of these prospects, if filled to the spill point, have world class potential ranging from "Giant Field" size to even one "Super-Giant Field" potential, thus far.
Hyperdynamics New Seismic Supports Structural, Stratigraphic, and Combined Plays; Potential Oil Columns Estimated in Excess of 1,000 Feet
HOUSTON, May 02, 2008 (BUSINESS WIRE) -- Hyperdynamics Corporation (AMEX:HDY) announced today that as described by Mr. James R. Spear, the Company's Executive Vice President of Exploration and Production, three types of prospects are being identified by the new seismic. These plays can be categorized by the hydrocarbon trapping mechanism delineated by the geophysics of the current 2-D data now being acquired. These three types include structural, stratigraphic and combination structural-stratigraphic. More detailed information is provided by the Company at: http://www.hyperdynamics.com/africa_exploration.htm .
The structural traps are typically large anticlinal structures located on the shelf/slope break. This type of trap is located in the Lower Cretaceous section. As disclosed in a press release last week, the structural traps delineated so far have been determined to have four-way closures and are measuring greater than 16 kilometers in length with two adjacent structures combining at a size of 33 x 8 kilometers. These structures delineated so far, if filled to the spill point, would offer high quality giant reservoirs with large oil columns greater than 1,000 feet.
Hyperdynamics' Exploration Program Focusing on Transform Margin Play; Numerous Potential Targets Newly Identified
HOUSTON, Nov 07, 2007 (BUSINESS WIRE) -- Hyperdynamics Corporation (AMEX:HDY) announced today that as a result of the company's 2007 exploration program, numerous leads, approximately 25 so far, have been identified as potential drilling targets. Based on the work of the company's geoscientists beginning last August, many new technical developments have been uncovered by a process of further seismic interpretation. Of significant interest, the company is encouraged to see potential development in the Lower Cretaceous section where most of the West African oil has been found to date, but additionally, there is the potential to explore deeper in the syn-rift Mesozoic basins within the Paleozoic section.
Hyperdynamics' SCS Corporation Chooses Its First Two Targets to Drill in its West African Concession
CEO Speaks of Environment Impact Assessment and Other Work Being Done in Preparation for Its Drilling Program
HOUSTON--(BUSINESS WIRE)--April 7, 2005-- Hyperdynamics Corporation (OTCBB:HYPD - News) announced today that its wholly owned subsidiary, SCS Corporation (SCS) has expanded its use of the latest reflection seismic technology in establishing two drilling targets. The Company is focusing on natural gas strata where specific seismic reflection characteristics are occurring. The results of these latest tests have accelerated the company's planning and have led to the selection of two primary drilling targets where it looks to discover commercially viable hydrocarbons.
In the process of formulating its plans for drilling these two targets, consideration was given to water depth as well as the size of the potential. The first target is in shallow water of less than 400 feet and has a drilling depth of approximately 4,000 ft. This target contains a particularly large zone identified using the latest seismic attribute technologies that specifically identified Delta "forsets" on an ancient buried slope. The structure is 1.5 miles wide and runs 15 miles along the continental shelf. The zone is estimated to be approximately 450 feet thick. The direct hydrocarbon indicators observed on the SCS coverage are typical of gas filled sands observed in most other Deltas around the World. It is believed that since the shallower gas target lies in the vicinity of deep seated fault conduits, it may also contain oil which has migrated from below. Both oil and gas are considered important for local major industry in the region. Estimates calculate possible gas reserves of 550 billion cubic feet of gas in this one structure.
The second structure is in approximately 600 feet of water and has a maximum drilling depth to reach the trap(s) of approximately 10,000 feet. This target will require a heavier floating rig and will cost more to drill. However, the target is much larger and occurs in four different identified zones, all of which could be reached with a single well. It covers an area of approximately 50 square miles.
When asked to comment, Mr. Neil Moore, President for SCS stated, "We fully expect to discover oil in our concession, but natural gas is easier to identify. The properties of natural gas make it show up much more clearly. In our shallow target we feel this gives us a high probability for a discovery." He further commented, "In our deeper target, we are mostly looking for oil. It is interesting to note that if we estimate an average 200 foot thickness for each of the four zones, together with a conservative 12% porosity, the net porous cubic feet would be sufficient pore space to hold approximately 2 billion barrels of oil."
Petroleum Geo-Services -PGS- Reports Its Results to Hyperdynamics Corp.
Five Sizeable Leads Covering More Than 700 Square Kilometers Were Identified
HOUSTON--(BUSINESS WIRE)--Jan. 14, 2005--Hyperdynamics Corp. (OTCBB:HYPD - News) announced today the results of Petroleum Geo-Services' (PGS) seismic interpretation project. The project included the independent interpretation of Hyperdynamics' 5,000 line kilometers of modern 2D data, a historical study of the regional geology and the evaluation of other technical data.
PGS interpreted that the potential exists for mature source rock in the Lower Cretaceous. Five main leads covering more than 700 square kilometers were identified and mapped within various stratigraphic intervals based on anomalous amplitudes. The size of one of the largest leads is undetermined because the lead continues beyond the existing 2D seismic coverage. The leads are at various depths, and in one location three leads can be tested with a single well.
Seven geological horizons were interpreted by PGS. SCS Vice President Robert Bearnth said, "By identifying the various stratigraphic horizons, we are better able to understand the geology and potential prospectivity based on our experience worldwide."
SCS President Neil Moore stated, "The results of the PGS report provide independent confirmation of the high prospectivity of our concession in West Africa. PGS focused in on five of the numerous leads identified internally. We are thrilled that their work has confirmed and expanded on our internal assessments. I would also point out that this project only covers a fraction of the entire concession."
Tom Ziegler, head of MultiClient New Ventures, EAME (Europe, Africa and Middle East) for PGS Marine Geophysical, stated that, "PGS is very pleased to have been able to work with Hyperdynamics on their offshore West African project. Based on the work performed and the results derived, PGS is strongly encouraged that additional work programs should be conducted to further develop the understanding of this underexplored area."
Hyperdynamics' SCS Satellite Study Reports 108 Oil Slicks
Study Confirms and Corroborates Working Petroleum System
HOUSTON--(BUSINESS WIRE)--Dec. 9, 2004--Hyperdynamics Corp.'s (OTCBB: HYPD - News) SCS Corp. announced today that Infoterra, the European satellite imaging company contracted to provide a "Global Seeps Study" over the SCS concession, has completed its work. The results showed that 108 oil slicks were identified over the offshore concession area.
Each slick was identified using satellite imagery taken on different dates. Some of the images were recorded years apart. Every slick was identified by at least two satellite passes using multi-temperal ERA and Radarsat SAR (Synthetic Aperture Radar) data. Infoterra was able to confirm that, of the 108 slicks, as many as 98 were of natural origin.
SCS President Neil Moore said, "The satellite study is an integral part of the exploration process and is a proven method for the investigation of offshore oil seeps. The study plays an important part in exploration by helping to define a basin's prospectivity." Moore further stated, "Infoterra's study has provided additional corroborating evidence of a working petroleum system within our concession."
For more information on satellite seep studies, the company directs you to its new PowerPoint presentation "Understanding Satellite Seep Studies" at http://www.hypd.com/powerpoint.htm
Hyperdynamics' Subsidiary SCS Provides Scientific Evidence for Oil and Gas in Its Concession Offshore West Africa
Statistical evidence supports a deep oil-dominated petroleum system
HOUSTON--(BUSINESS WIRE)--Oct. 14, 2004-- Hyperdynamics Corp. (OTCBB:HYPD - News) today announced that it has received the results of its most recent coring and geochemical analysis program. The results of the analyses revealed that 55 of the 57 core samples contained thermogenic petroleum components in varying degrees of concentration.
As originally reported in April, the company began planning for a geochemical analysis. As a result, TDI Brooks International Inc. was contracted in July to perform a heavy piston coring program and then analyze the core samples, reporting the results back to SCS' geo-experts. On Sept. 7, 2004, it was announced that 57 core samples had been acquired and were delivered to TDI Brooks laboratory in College Station, Texas. Since that time, extensive geochemical analyses have been performed on the core samples including Total Scanning Fluorescence (TSF), Hydrocarbon Gas Chromatographic and Interstitial Gas. Such analyses and other procedures were performed on the core samples to evaluate each core for the presence of migrated mature hydrocarbons.
When asked to comment on the results, Neil Moore, president of SCS, stated, "We were very excited to see spectral analyses indicating petrogenic gases as well as a broad range of florescent spectra representing hydrocarbon liquids. This means that we now have scientific evidence proving the existence of an oil and gas system in the concession." He went on to say, "Most exciting to me is the fact that the program revealed high-quality Chromatograph and Florescence results. These results showed the existence of oil and gas around major fault lines that reach the surface at key structural points. We are extremely satisfied with these test results."
Robert Bearnth, executive vice president of exploration for SCS, explained, "Numerous shows indicated statistical evidence of a deep petroleum system dominated by oil. Furthermore, the presence of rich natural gas components could be a source of fuel for generating electricity that is greatly needed in the region."
For more information about the coring and analysis process, please visit the company's online presentation at:
PGS Completes Phase I of Seismic Interpretation
Technical Consensus Reached for a Working Petroleum System Hyperdynamics' CEO Says Asset Value Continues to Grow
HOUSTON--(BUSINESS WIRE)--Aug. 24, 2004-- SCS Corporation, the energy subsidiary of Hyperdynamics Corporation (OTCBB:HYPD - News), awarded a contract for 3rd party interpretation services to Petroleum Geo-Services (PGS) on August 6, 2004. PGS has worked diligently since that time and completed phase I of the contract interpretation work. PGS has now gathered all of its information and interpreted data and traveled back to London. Over the next several weeks they will be completing their analysis and final reports. In the process of completion, they plan to integrate other West African known geological information as well as the specific results expected shortly from SCS's geochemical coring program being performed by its contractor TDI-Brooks.
On August 19th a preliminary report was given to SCS management and Hyperdynamics' CEO. When asked about the content of the preliminary report, Robert Bearnth, EVP of Geology, said that "it is very nice having an independent geological team corroborating our findings. The consensus now is that there is everything required in the region to support commercially viable hydrocarbons. All information which we have reported on before is being supported, even to the extent of agreeing wholeheartedly that there is indeed a working petroleum system throughout the concession. This system includes significant hydrocarbon sources, structures, fault migration paths, reservoir and potential traps. We also have conclusive evidence of three ancient deltas with very thick sedimentary deposits. There is additional consensus that gas seeps reported on earlier are of hydrocarbon origin."
PGS is a technologically focused oilfield service company principally involved in geophysical and floating production services. PGS provides a broad range of seismic- and reservoir services, including acquisition, processing, interpretation, and field evaluation. PGS also owns and operates four floating production, storage and offloading units (FPSOs). PGS operates on a worldwide basis with headquarters in Oslo, Norway. For more information on Petroleum Geo-Services visit www.pgs.com.
Highly Prospective Trends Reported by HyperDynamics' SCS Subsidiary as Spectrum Concludes Processing
SCS VP Robert Bearnth Reports Growing Support for Major Hydrocarbon Sources
HOUSTON--(BUSINESS WIRE)--March 22, 2004-- HyperDynamics Corporation (OTCBB:HYPD - News) announced today that SCS Corporation, the company's wholly owned energy subsidiary, has reached a major milestone with the completion of the reprocessing work performed by Spectrum Energy and Information Technology, Inc.
SCS's state of the art data acquisition and processing work on 5,000 kilometers of digital long-array seismic has been completed together with initial interpretations by SCS's geo-scientists. This milestone represents a culmination of work that began offshore the Republic of Guinea, West Africa in early 2002.
Neil Moore, President of SCS, stated, "Prior to our work, the basic view of geologists worldwide was that the area offshore Guinea was considered to lack petroleum potential. We believe we have evidence to completely turn that view upside down. To date, we have uncovered four (4) highly prospective trends that are being mapped to help us pinpoint numerous potential drilling prospects. Our work increasingly supports the viability of commercial hydrocarbons offshore Guinea. The existence of gas is now confirmed as seeping into the ocean in 'plumes' at significant locations within the concession. We have also observed that the surface trends that have been found are consistent with fault 'chimneys' on the latest seismic coverage. These 'chimneys' reach depths that are favorable for oil. Furthermore, the subsurface features being mapped tie exactly with surface features of satellite photos reported on earlier. It is genuinely exciting to watch this picture being painted frame by frame."
SCS's work provides clear evidence of major Delta Fans in extensive trends offshore Guinea. Such Deltaic features around the world are normally rich in deposits favorable for hydrocarbon reservoir development. In addition to the gas seep trends that are in 50 to 100 meter water depths, SCS geoscientists have evidence that rapid sedimentation of major tributaries across the Delta has weighted the outer shelf. Robert Bearnth, Senior Vice President of SCS, stated, "This has created massive residual structures at the shelf edge. These features are set along the current Guinea continental shelf in an extended semi-circular ring. The seismic data indicates that a carbonate reef developed at an earlier age in this zone. It is now situated 4,000 meters below the surface along at least 50 kilometers of an ancient shoreline. The indications are growing that there are many traps at different ages and more than adequate source rock to create major sources for hydrocarbons."
Positive Results Emerging with Seismic Processing at HyperDynamics' SCS Energy Subsidiary
Excitement is Building as 25 New Locations, Believed to Be Gas Seeps on the Sea Floor Offshore Guinea,Are Reported
HOUSTON--(BUSINESS WIRE)--March 8, 2004-- HyperDynamics Corporation (OTCBB:HYPD - News) announced today SCS Corporation's continued reprocessing of the 2D seismic acquired in late 2003 is on schedule at Spectrum Energy and Information Technology, Inc. Significant information is emerging to support the viability of previous targets and the ongoing work is continuing to reveal many new targets. As the processed data is emerging and interpretation continues, the exploration team's excitement continues to grow.
When asked to comment, Neil Moore, President of SCS stated, "Bob Bearnth and Dr. Hong both agree that the latest processed data confirms that numerous surface seeps over the concession have not only created physical anomalies on the sea floor, but show conditions that indicate there are gas plumes in the water. We believe this is indicative of the presence of hydrocarbons." He further stated, "From the new seismic we have recently pinpointed 25 additional indications of gas seeps spread out over the concession as we continue to map locations of potential drilling targets. Visible breaks in the sea floor associated with acoustic reflections in the water and fault chimneys that include adjacent charging sediments altogether support our interpretation for these gas seeps. We have also correlated these new points of interest with fault lines previously revealed in satellite photos covering prospective areas. This new information together with previous AVO analyses performed by Dr. Hong strongly indicates the existence of gas. There is now strong merit in performing the necessary work to gather physical evidence in proof of our interpretation. We look to achieve this very soon."
Geo-Experts Moore & Bearnth Are Re-Signed at HyperDynamics' SCS
Company Extends Executive Management Contracts As Positive Processing Results Begin to Emerge
HOUSTON--(BUSINESS WIRE)--Feb. 5, 2004--HyperDynamics Corporation (OTCBB:HYPD - News) announced today that its energy subsidiary, SCS Corporation (SCS), signed employment agreements with the company's geo-experts, Neil Moore and Robert Bearnth, to continue for another two years each as SCS's President and Vice President, respectively.
Mr. Neil Moore, President for SCS, stated, "Bob Bearnth and I are thrilled to be right in the middle of the hydrocarbon development program in Guinea. Since we started in 2001, we have uncovered significant evidence for commercially viable hydrocarbons there. We expect our work this year will lead to a drilling program and we are both genuinely excited about taking the next step."
Mr. Bearnth, Vice President for SCS, stated, "I have recently enjoyed technical collaboration with Spectrum regarding the current processing program. The initial results of a new 2003 line, which is parallel to the 2002 line #3, revealed the same geological footprint across two of the significant structures we identified last year. This confirms that these particular structures are at least one mile wide and six miles long. Our geological analysis is literally taking on a three dimensional form." He further stated, "We are eagerly awaiting Spectrum's processing to be completed so we can commence our detailed interpretation and analysis."
Kent Watts, Chairman and CEO of HyperDynamics, said, "It is a major advantage to have two experienced geo-experts such as Mr. Moore and Mr. Bearnth working with us. Their historical perspective and breadth of knowledge guides us as we continue to build our exploration team. Such a team will ultimately make collaborative decisions such as exactly where to drill the first exploratory well." Watts also made the comment asking shareholders to, "Please stay abreast of our news as we are continuing to be successful in raising necessary capital through private transactions. As such, we continue to meet all of our financial obligations currently and we are making operational and financial progress at an increasing rate."
HyperDynamics' SCS Announces Completion of 2003 2D Seismic Progam Offshore the Republic of Guinea, West Africa
Exploration Requirements are Fulfilled as Company Raises Capital
HOUSTON--(BUSINESS WIRE)--Nov. 20, 2003-- HyperDynamics Corp. (OTCBB: HYPD - News) announced today that its energy subsidiary, SCS Corp., has completed the 2003 2D seismic acquisition program offshore the Republic of Guinea, West Africa. The current acquisition program commenced in late September and has now been completed. The program targeted a specific quadrant of the 16MM acre concession and resulted in the acquisition of 4,007.6 kilometers of new 2D data, acquired using a 6,000-meter digital hydrophone array.
Neil Moore, president of SCS, stated, "The completion of this seismic acquisition program is a major accomplishment. This new data represents the primary component of work necessary for us to fulfill our minimum requirements for the First Exploration period under the Production Sharing Agreement with Guinea."
Kent Watts, chairman and CEO of HyperDynamics, said, "Our geo-expert staff has done a masterful job and we are now ready to focus on expanding our scope as we continue to analyze this new valuable information, moving ever closer to pinpointing actual drilling prospects. As we successfully move forward we continue to add shareholder value. As per our filings, we are in a fund-raising mode and are raising money daily. We expect that reaching this milestone will help us complete our current capital raise in the near future."
Enormous New Structures Revealed in Preliminary Interpretation of HyperDynamics'SCS Corp. 2002 Seismic Data
HOUSTON, Sep 30, 2003 (BUSINESS WIRE) --
HyperDynamics Corp. (OTCBB: HYPD) has announced that its wholly owned subsidiary, SCS Corp., completed preliminary evaluations of a new sector of its 16-million-acre concession offshore the Republic of Guinea, West Africa. In 2002, several regional lines of seismic were acquired and recently reprocessed revealing a whole new sector, adding to previously announced potential for commercially viable hydrocarbons offshore Guinea.
It was reported by SCS geo-experts that near the edge of the Guinea continental shelf, within the ancient Guinea Delta identified earlier, three important zones exist at depths between 12,000 and 15,000 feet below the ocean surface. From preliminary analysis, it is believed that there are substantial shale deposits, source rocks for oil and gas and turbidites representing porous sands that typically form reservoirs holding petroleum. SCS'geo-experts believe this is the case in Guinea as is also the case in many areas of the world containing large hydrocarbon reserves. There is also indication that the turbidites were laid down between deltaic shale deposits in strata hundreds of feet thick. It appears that the sands were carried by currents over the edge of the ancient shelf from mountainous coastal wetlands. It is also believed that very large buried channels indicate that major rivers were present. These turbidite zones cover an area beginning 75 miles from the Guinea coast and extend to the current shelf edge approximately 100 miles offshore.
This new information was revealed by analyzing data collected by SCS in 2002 and reprocessed recently, revealing more clearly these massive structures along the ancient shelf. The structures are dipping toward shore over 20-25 mile distances between faults. This 'reverse dip'is thought to trap and restrict the flow of petroleum out of the faulted blocks. After reaching a crest at the shelf edge, the strata then rolls over in the opposite direction toward the Atlantic basin.
Neil Moore, president of SCS, stated, 'Computer processing technology capable of bringing forth high-resolution stratigraphic features have identified these turbidite sands present over and around the structures.'
Moore continued, 'My calculations show that the zones are capable of holding billions of barrels of oil and significant amounts of associated natural gas. This new prospect, which is one of many being investigated in the area, is in addition to SCS'current studies reported earlier this month. We are genuinely excited about what has been revealed thus far and are planning to perform full exploration operations on this new prospect in early 2004.'
HyperDynamics: Republic of Guinea Oil & Gas Tied to Major Delta Formations; Advanced Seismic Work Program Identifies World Class Features
HOUSTON, Aug 21, 2003 (BUSINESS WIRE) --
HyperDynamics Corp., (OTCBB:HYPD), today announced that its wholly owned subsidiary, SCS Corporation, has isolated four tiers of fault blocks 150 kilometers offshore from the coast of Guinea. The blocks are at the edge of a large delta and confirm the presence of many major oil and gas prospects.
Neil Moore, President of SCS, stated, 'The fault blocks were visualized using satellite images. The correlating seismic ties to prospective zones that are up to 500 feet thick. Each of the fault tiers covers more than 25 square miles.'Moore also said, 'These sites are now being considered for high density 3D seismic operations. At depths of 16,000 feet and assuming typical porosities, each block can hold up to 70 trillion cubic feet of gas. The northwest continental shelf of Guinea is now defined as a complex Delta with many prospects.'
Robert Bearnth, Vice President for SCS, explained, 'Our extensive work program consists of acquiring, reviewing, processing, reprocessing, interpreting and reinterpreting over 16,000 kilometers of seismic data. This work program will enhance and verify the world class features we have seen to date.'He further remarked, 'One oil company that has reviewed our data saw hundreds of prospects.'
In light of these recent developments Kent Watts, Chairman and CEO of HyperDynamics, stated, 'The prospect of world class natural gas deposits bodes strong for our company in the light of Alan Greenspan's recent testimony before the U.S. Congress.'Mr. Greenspan, Chairman of the Federal Reserve, recently declared, 'Today's tight natural gas markets have been a long time in coming, and futures prices suggest that we are not apt to return to earlier periods of relative abundance and low prices anytime soon.'Watts went on to say that, 'We feel that Guinea is creating the best environment in the world for exploration and production of hydrocarbons and West Africa is one of the hottest exploration frontiers anywhere. We are honored and privileged to have the faith and support of the Republic of Guinea.'According to Offshore Magazine's May 2003 article titled, West Africa Major Focus of Future E&P Spending, 'Global E&P (exploration and production) expenditures are expected to top $130 billion in 2003. West Africa's vast deepwater frontiers will receive a fair portion of those dollars in the form of exploratory drilling.'Exploration in West Africa is currently being conducted by Woodside Petroleum (AMEX:WPL), Amerada Hess (NYSE:AHC), Marathon Oil (NYSE:MRO), Canadian Natural Resources (NYSE:CNQ), Shell (NYSE: RD &SC), ExxonMobil (NYSE:EOM), Kerr-McGee (NYSE:KMG), Vanco Energy, Premier Oil and Dana Petroleum (London:DNX.L), among others.
When asked about his quote regarding the company's stock being undervalued back in June, Mr. Watts stated, 'Given the current market valuations of similar companies to ours, I believe we are still significantly undervalued with a current market cap of approximately $37MM. For example, Environmental Remediation Holding Corporation (OTCBB:ERHC) is selling at a $115MM market cap and has tremendous upside potential. Far East Energy Corp. (OTCBB:FEEC), a company that acquires, explores and develops natural gas and coal bed methane gas in the Far East, is at $105MM market cap and has shown and is continuing to show a very strong stock appreciation. Oil and gas companies are showing positive trends in the market place as evidenced also by Heartland Oil and Gas Corp. (OTCBB:HOGC). Heartland is showing a remarkable track record. As we move forward, we expect the market to more clearly understand our real potential and give us much better valuations.'
The 3-D will tell the tale by mid to late April 2011 ... and drilling in October -December, 2011 will reveal the true value of our concession.
Best to all ... MU_Redskin1