Hyperdynamics Corporation announced that its geosciences team's interpretive work, completed so far this year on its 2008 2D seismic, has at least tripled its total number of prospects over what was known from earlier work.
Both Structural and Stratigraphic prospect types exist and run along the slope-shelf portion of the West African Transform Margin Play that runs through the Company's 31,000 square mile (80,000 square kilometer) contract area offshore Guinea. Beginning as far south as Benin and moving up the West African coast in this fairway, there have been at least 40 discoveries in recent years with oil equivalents of over eight billion barrels proved thus far.
The structural type prospects delineated so far include 15 very large structures with fault based hydrocarbon trapping confirmed for each prospect. Due to the prevalent existence of the transform marginal faulting, some prospects have been interpreted to have 3-way closure while others have 4-way closure. Using the volumetrically based classifications documented by the renowned Geologist, Michael Halbouty, each of these prospects, if filled to the spill point, have world class potential ranging from "Giant Field" size to even one "Super-Giant Field" potential, thus far.
When asked to comment, James R. Spear, Hyperdynamics’ Executive Vice President of Exploration and Production stated, "As we were continuing to map and otherwise delineate our drilling targets we have now refined our geological modeling for our expanding portfolio of prospects. During our work this year, we came to the new understanding that we have both an inboard and a separate outboard double shelf break. This has served to increase the number of prospects along this most prevalent transform margin fairway running through our contract area. In addition to our growing number of Structural type prospects there are now also two Stratigraphic type models that we have. These are the Turbidite Depositional types and Apron Fan models. We are continuing to map these type prospects and they are very significant as well."
He went on to say, "It is interesting for me to recognize that making a discovery with any of our major prospects and realizing their volumetric reserve potential would place us among the most successful exploration and production companies operating offshore West Africa."
All of the exploration work accomplished this year has built a strong scientific foundation to merit the acceleration towards drilling. With this interpretive work completed and additional analytical procedures ongoing, the Company has now fine tuned its understanding for conducting the first 3D seismic program in history offshore the Republic of Guinea.
This is the next important step to have targets with world class potential ready to drill. As anticipated they have now been able to design three separate 3D seismic grids that total approximately 4,100 square kilometers. The 3D data acquisition is scheduled to begin at the end of 2008.
Moving forward Hyperdynamics is now using its updated technical foundation to attract joint venture partners. Top executives from the Company are now attending the 15th Africa Oil Week in Cape Town, South Africa. This is the world’s largest and most significant exploration and development event on Africa for the global oil exploration and gas-LNG industry. The Company will be continuing to meet with top executives of many oil operators as it moves forward offering working interest in its 31,000 square mile (80,000 square kilometer) exclusive contract area.
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