"Our contract area is in a region of tremendous interest to international explorationists, and our review of seismic data suggests it has the potential for world-class discoveries," said Kent Watts, Hyperdynamics Chairman and Chief Executive Officer. "With such a vast amount of acreage available to us in the contract area, we'll be able to pursue multiple exploration targets with a number of different partners through this farm-out opportunity."
Ongoing Exploration Plan
The Company is currently securing confidentiality agreements and scheduling presentation meetings with potential partners. Following these meetings -- to be held during the first calendar quarter -- potential partners can purchase a review license allowing them to evaluate Hyperdynamics' geophysical and geological data, which includes approximately 5,000 kilometers of proprietary seismic never before available for independent study. The review period is currently scheduled for the second calendar quarter.
The companies will then be given the opportunity to present farm-in proposals to partner with Hyperdynamics in an exploration program. During the third calendar quarter, the Company would review proposals and negotiate contracts with prospective partners.
Concurrent with the farm-out process, Hyperdynamics also is continuing its efforts in its seismic data acquisition program, which began in 2002. As part of its Production Sharing Contract with the Republic of Guinea, the Company plans to acquire and interpret as much as 18,000 kilometers of additional seismic by late 2008.
In addition to the ongoing geophysical program, a study is nearing completion by a subsidiary of GlobalSantaFe Corporation to identify the logistics needed to support future drilling and production operations. This study will help Hyperdynamics and its partners to plan in advance for all the materials, equipment, transportation and labor that would be needed, both onshore and offshore, in order to be ready to mobilize quickly once the drilling phase begins.
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