Hyperdynamics began exploring offshore Guinea in 2002 when the price of oil was less than $20 per barrel. Based on its work since, the Company is now engaged in exploration efforts that are focused on the numerous prospective plays that have been identified.
Historically, only one exploratory well has been drilled to date on the entire 31,000 square mile concession. While this well (the Buttes #1), drilled in 1974, was abandoned, Hyperdynamics determined that it was poorly located and actually drilled on top of an igneous intrusive (volcanic-like structure). The well was not drilled on the more potential basins within this study area that Hyperdynamics has determined to hold potential for substantial future reserves. The well data also contributed to the identification of several hydrocarbon systems within the shelf/slope sedimentary complex.
The Company's work has confirmed that its concession actually contains one of the very largest continental shelf/slope areas among all the nations along the coast of West Africa. Recently, a new reconnaissance of 2-D seismic interpretation, together with additional studies of the reservoir potential and geochemical information obtained from independent vendors, supports solid evidence to confirm substantial hydrocarbon potential for this offshore province. Numerous Mesozoic basins have been identified in this process.
These newly identified basins were differentiated into two clear cut zones of interest. First, a syn-rift zone was interpreted, followed by a passive margin zone. Both zones of potential reserves exhibit significant evidence of overprinting by wrench-type faulting of the kind associated with the known Atlantic transform fault systems in this area, such as the Cape Verde Transform Fault. This type of faulting establishes the trapping mechanism that could trap a reservoir. The main rift phase is believed to have been accompanied by continental to marginally marine sedimentation that took place during the Lower Cretaceous Aptian to Middle Albian time. The passive margin and wrenching phase was initiated with seafloor spreading that began in Late Albian time and continues to the present.
The Company believes that the seismic interpretation and analysis coupled with these geological facts lays the foundation for a unique portfolio of most promising targets. There are both stratigraphic and structural types of trapping potential along with possible turbidite slope fans within the Lower Cretaceous section.
The Company's most recent work corroborated with its historical library of geophysical and geological database, support that the primary petroleum systems contain at least three oil-prone, marine, and lacustrine (lake-like) source rock zones deposited during Lower Cretaceous time (Early Albian to Early Cenomanian). It is believed at this point that a secondary petroleum system may have a Late Cenomanian to Turonian shale source rock. The trap types are numerous and relatively widespread, in particular, those associated with Mesozoic/Cretaceous syn-rift basins and transform related faulting and unconformities. The traps on the shelf/slope and within the newly identified basins on the shelf are ideally located for access to oil migration.
As announced with its accelerated exploration program, in 2008, the Company will further delineate its targets into drillable prospects with a new extensive 2-D seismic survey of approximately 12,000 linear kilometers. The Company is also working on 3-D acquisition parameters to cover certain areas. Hyperdynamics plans, at the same time, to reprocess a large library of 1970's 2-D seismic coupled with newly purchased 2-D seismic from third party vendors. Additional planned exploration procedures include a new drop core (or piston-core) acquisition to be followed by geochemical analysis. The Company plans to extend this investigation to the onshore Bove Basin of the Republic of Guinea.
Mr. Jim Spear stated that, "We are encouraged and moving our exploration program forward aggressively. We are meeting with seismic vendors and exploiting other resources currently. Our goal is to develop a portfolio of drillable prospects in a matter of months going forward and we plan to give regular updates as we continue to our progress."
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