Hyperdynamics Corporation (NYSE:HDY) has completed the first portion of its 3D seismic survey in the Company's offshore concession in the Republic of Guinea. This portion of the offshore survey covers 2,760 square kilometers of a total planned 2010 survey of 3,635 square kilometers.
The survey was acquired by the Petroleum Geo-Services (PGS) seismic vessel Challenger, which completed the project on October 2 after 57 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. The seismic data from the first portion of the survey is being processed by PGS in Houston.
The second and final acquisition phase of the 3D seismic survey – 875 square kilometers in an area located about 75 kilometers west of the first survey area – will be acquired by the PGS seismic vessel Viking starting on or about October 5, 2010. This second data acquisition phase is expected to last approximately one month.
Ray Leonard, the President and CEO of Hyperdynamics, commented, "Our initial look at the data coming off the Challenger supports our expectation of superior data quality from a boat with 12 streamers and Geostreamer technology. The entire survey needs to be acquired and processed before the results can be applied to a final evaluation of the prospects. However, everything is on track to complete the survey around the end of October and process the data on our predicted timeline."
Hyperdynamics operates the offshore Guinea concession with a 77 percent interest. Aberdeen-based Dana Petroleum has a 23 percent stake.