Hyperdynamics celebrated the launching last week from the Port of Conakry – Guinea's capital – of the seismic vessel Ramform Challenger, which is scheduled to shoot the 3-D seismic program on the Company's oil and gas exploration concession area. Hyperdynamics operates the block with a 77 percent participating interest, with the remaining 23 percent held by Aberdeen-based Dana Petroleum plc.
The vessel will begin conducting this week a 3,635-square-kilometer 3-D seismic survey for Hyperdynamics.
This is the first 3-D survey to be acquired offshore Guinea. The seismic data will be acquired over two separate portions of the contract area that were identified as being the most prospective based on results from earlier 2D survey work.
"The 3-D survey represents the final step in our technical program to acquire the detailed images of the prospects we need to select the location for our first exploration well to be drilled in late 2011," said Hyperdynamics' President and CEO Ray Leonard. "We believe these blocks hold the potential for world-class oil discoveries."
Speaking during the ceremony, Famourou Kourouma, Hyperdynamics' Vice President of African Affairs based in Conakry, said, "We are gathered here today to mark a big step in our exploration program to discover petroleum oil in Guinea. We want to reiterate that our company will put a work program in place that will be deserving of your invaluable trust as well as that of the people of Guinea."
Added Mike Palmer, Hyperdynamics' Vice President of Operations based in Houston, "Hyperdynamics understands how important this project is to the Republic of Guinea. We intend to remain a good partner for this country and do our best to work with the government of Guinea to improve the lives of the Guinean citizens."
Petroleum Geo-Services (PGS) of Norway is under contract with Hyperdynamics both to acquire and process the seismic data. The Ramform Challenger, equipped with the latest GeoStreamer® dual sensor technology, will spend several days at the survey areas approximately 125 kilometers offshore conducting calibration procedures and other preparations before the actual data acquisition begins this week.
The acquisition work is expected to take approximately 13 weeks, and processing should take an additional 25 weeks to complete, with initial results available within 10 weeks. Hyperdynamics' evaluation of the processed data is expected to begin in the first quarter of 2011.
Onshore support for the 3-D project will be provided by Hyperdynamics' office located in Conakry.
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