On Aug. 19 a preliminary report was given to SCS management and Hyperdynamics' CEO. When asked about the content of the preliminary report, Robert Bearnth, EVP of Geology, said that "it is very nice having an independent geological team corroborating our findings. The consensus now is that there is everything required in the region to support commercially viable hydrocarbons. All information which we have reported on before is being supported, even to the extent of agreeing wholeheartedly that there is indeed a working petroleum system throughout the concession. This system includes significant hydrocarbon sources, structures, fault migration paths, reservoir and potential traps. We also have conclusive evidence of three ancient deltas with very thick sedimentary deposits. There is additional consensus that gas seeps reported on earlier are of hydrocarbon origin."
Mr. Kent Watts, CEO for Hyperdynamics, stated that "PGS's preliminary report could not have been more positive. All of our exploration work is continuing to grow our asset value. It is mind boggling to me that this value has not yet been reflected in our share price. However, I am confident that our consistent progress will ultimately correct this market disparity."
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