The company's plan includes acquiring samples from the sea floor where the best trends appear to be developing. It is expected that the results of this work will reveal natural gas and higher carbon content gases. Geo-experts believe that the higher carbon content gases have likely been dissolved in oil at great depths. The geochemical study will also seek to establish the existence of oil within the core samples. The samples will allow us to establish specific hydrocarbon signatures for typing and run carbon dating procedures to establish aging.
Neil Moore, president of SCS, stated, "We are continuing to find and specify new direct hydrocarbon indicators. This extended analysis includes correlating evidence of gas seepage in the water with the seismic response." He further stated, "Since these effects can be related to other phenomena, they must be tied to deep-seated faulting. The migration can be 'tracked' at depths greater than 10,000 feet up to the sea floor. We also see the charging of porous zones along associated faulting. A high percentage of these phenomena cause visible effects on the ocean floor and form 'gas plumes' in the water. Many of the oil and gas fields producing offshore today initially utilized surface seeps as an exploration tool for locating petroleum accumulations."
Robert Bearnth, senior vice president and the company's chief geoscientist, also pointed out, "The presence and type of oil and gas analyzed from seeps greatly assists us in establishing the most favorable hydrocarbon trends. Since the concession is so large, hi-grading it with combined geochemical, geophysical and satellite technology saves time. This will increase efficiency and help achieve maximum success when drilling starts. SCS' 2003 seismic grid covers a prime area of approximately 10% of the 33,000-square-mile concession. The present work is pinpointing specific features that we will likely detail using 3-D seismic before drilling. With over 100 'trackable seeps' having now been mapped, our confidence and excitement is growing."
Kent Watts, chairman and CEO of HyperDynamics Corp., stated, "Expectation is building in the stock market about companies like ours who are involved in exploration off of the coast of West Africa. As an example, Environmental Remediation (OTC BB: ERHC), whose major asset is a minority working interest in offshore blocks south of Nigeria, has seen their stock price rise more than 300% in the past few weeks. Investors are speculating on the upside potential that their company would experience in the event that a world-class oilfield is discovered." Watts went on to say, "The fundamental driving factors of the exploration business favor accelerated development of our concession. We are proceeding aggressively with this in mind."
Most Popular Articles