Hyperdynamics Corporation (NYSE:HDY) launched the seismic vessel Ramform Challenger to shoot 3,535 square kilometers of 3-D seismic offshore Guinea on the Company's oil and gas exploration concession area.
This is the first 3-D survey to be acquired offshore Guinea. The seismic data will be acquired over two separate portions of the contract area that were identified as being the most prospective based on results from earlier 2D survey work.
"The 3-D survey represents the final step in our technical program to acquire the detailed images of the prospects we need to select the location for our first exploration well to be drilled in late 2011," said Hyperdynamics' President and CEO Ray Leonard. "We believe these blocks hold the potential for world-class oil discoveries."
Petroleum Geo-Services (PGS) of Norway is under contract with Hyperdynamics both to acquire and process the seismic data. The Ramform Challenger, equipped with the latest GeoStreamer® dual sensor technology, will spend several days at the survey areas approximately 125 kilometers offshore conducting calibration procedures and other preparations before the actual data acquisition begins this week.
The acquisition work is expected to take approximately 13 weeks, and processing should take an additional 25 weeks to complete, with initial results available within 10 weeks. Hyperdynamics' evaluation of the processed data is expected to begin in the first quarter of 2011.