Hyperdynamics Corporation has successfully negotiated and contracted with a seismic data acquisition partner as a key piece to its 2008 exploration program. The Company's new partner has agreed to invest significantly and work closely under a multi-client approach. Basically the data will be acquired and processed and there is a revenue sharing arrangement for future licensing fees on the acquired data. Under this arrangement, a significant amount of new seismic data will be acquired this year in its concession offshore West Africa.
Since November, the Company's geoscientists have held meetings and negotiations with as many as seven different potential seismic data acquisition partners with the necessary capabilities and propensity for investment. At one point during the proposal evaluation and negotiation process, the Company has shifted its emphasis from 2-D to 3-D. With the immense size of the concession, the company recognizes the need to acquire additional 2-D over the next several years to provide additional reconnaissance. For 2008, the Company has designed an acquisition of 6,000 linear kilometer 2-D grid that will lead to tighter specifications on 3-D seismic data which is planned for acquisition, under the same contract, as early as this coming July.
When asked to comment, Kent Watts, Hyperdynamics' Chief Executive, said, "We have initiated a strong relationship with a key partner that has a vested interest to support our goal for making a discovery offshore Guinea. As we move our work forward, we are continuing to talk with potential joint venture partners that have expressed interest in joining our exploration efforts."
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