Robert Bearnth, vice president and chief geophysicist for SCS, explained, "As was the 2002 data, the current 2003 data is being acquired using state-of-the-art 6,000 meter digital cables. This allows us to view features at depths in excess of 18,000 feet, which is three times deeper than anything seen in Guinea to date. The deeper horizons are showing significant direct hydrocarbon indicators. It is becoming more clear that numerous prospects on this delta are of world-class dimensions." Bearnth further explained, "These prospects have never been viewed before because most of Guinea's existing seismic was shot over 20 years ago using 2,000 meter analog cable. The old technology simply could not see what we are seeing now."
It is expected that, at the conclusion of the 2003 program, SCS will identify the most prospective sites in a major quadrant of the concession. Features will then be pinpointed for focused 3D seismic coverage. The high-tech modeling procedures will be compared against proven reserves that have the same attributes. The company believes that the 3D analysis, processing and intense modeling will lead to our drilling program, now targeted to commence as early as the last quarter of 2004.
Kent Watts, chairman and CEO of HyperDynamics, said, "I could not be more pleased with our exploration team. The results we have had to date have added value to the Guinea concession in an exponential manner. The current program will give us another level of evidence for commercial reserves in Guinea. All of this is continually building value for our shareholders."
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