Hyperdynamics Announces Completion of Acquisition Phase of 3D Seismic Survey
HOUSTON, Nov. 2, 2010 /PRNewswire/ — 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.
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.
Forward Looking Statements
This news release and the Company’s website referenced in this news release contain forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding Hyperdynamics Corporation’s future plans and expected performance that are based on assumptions the Company believes to be reasonable. Statements preceded by, followed by or that otherwise include the words “believes”, “expects”, “anticipates”, “intends”, “projects”, “estimates”, “plans”, “may increase”, “may result”, “will result”, “may fluctuate” and similar expressions or future or conditional verbs such as “will”, “should”, “would”, “may” and “could” are generally forward-looking in nature and not historical facts. A number of risks and uncertainties could cause actual results to differ materially from these statements, including without limitation, funding and exploration efforts, fluctuations in oil and gas prices and other risk factors described from time to time in the Company’s reports filed with the SEC, including the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2009. The Company undertakes no obligation to publicly update these forward looking statements to reflect events or circumstances that occur after the issuance of this news release or to reflect any change in the Company’s expectations with respect to these forward looking statements.
Contacts: Dennard Rupp Gray & Lascar, LLC ------------------------------- Ken Dennard, Managing Partner Jack Lascar, Partner (713) 529-6600 Anne Pearson, Sr. Vice President (210) 408-6321
SOURCE Hyperdynamics Corporation