Hyperdynamics Corporation announced that as its 2-D data acquisition continues offshore Guinea, new seismic lines are already providing geophysical confirmation of the most significant play types along the West African Transform Margin play where as many as 40 discoveries have been made in the last few years. Hyperdynamics is engaged in a targeting process with its currently working 2-D seismic acquisition program offshore The Republic of Guinea, West Africa. New 2008 seismic lines are now becoming available for comparison with both the Company's 2002 and 2003 seismic data. This comparison is allowing the geo-science team to confirm and enhance critical aspects of many leads that had been initiated with the older seismic.
The Company's geoscientists continue to build a portfolio of stratigraphic-type plays within the Upper Cretaceous section of the Shelf/Slope region of its concession. The targets in the Upper Cretaceous zone consist of turbiditic slope-fans and mounds which are the type of structures in which several oil and gas operators have already made many discoveries along the West African coast. Newly acquired seismic lines have already added support for many of these previously identified targets of interest.
Additionally, with the new 2008 seismic data starting to be received, confirmation has been made of the deeper, very large structural traps being delineated within the Lower Cretaceous section, and further evidence now exists to support the immense size of these structures. Previously disclosed in the last few months, the Company had identified a structure 16 kilometers across. At this time, an adjacent structure has been delineated further that is estimated to be 17 kilometers long and approximately 8 kilometers wide. The combined size is estimated at approximately 33 kilometers by 8 kilometers. Over the next few months many new leads are expected to be identified at the same time existing leads will be high-graded and confirmed. With the additional reconnaissance provided by the current 2008 2-D acquisition, the preliminary 3-D seismic grid, laid out this last winter, can be customized to cover the most interesting prospects that are believed to have the greatest potential for world class reserves. The Company looks to acquire the first 3-D seismic in history offshore Guinea later this year. Once this 3-D can be acquired, processed, and interpreted, the Company expects to have a significant portfolio of prime drillable prospects ready to drill.
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