HyperDynamics' subsidiary, SCS Corp.'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."
Kent Watts, chairman and CEO, said, "Previously obtained evidence of hydrocarbons is being corroborated and enforced as new potential drilling targets are emerging almost daily. As we are continuing to receive the necessary financial support, we could not be happier with the interpretive results of our data thus far and can't help but be overwhelmingly optimistic about the future."
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