HyperDynamics Inks Seismic Deal for Offshore Republic of Guinea
HyperDynamics Corporation announced that its wholly owned subsidiary, SCS Corporation, has entered an agreement with U.S. Oil Corporation to obtain exclusive rights to explore and market the results for the offshore area of the Republic of Guinea, West Africa.
Neil Moore, President for SCS, stated, "The interest in Guinea is increasing based on the recently reported discovery offshore Trinidad on the other side of the Atlantic at the same latitude. The Trinidad discovery has been reported in their local press as having 2.5 trillion cu ft of natural gas and one billion barrels of high gravity oil." Moore further stated, "The excitement is, these formations appear to match the same geology on the African side of the Atlantic Ocean before the continents drifted apart."
The venture has total exploration and data marketing rights to the entire continental margin of the Republic of Guinea covering 210 miles of coastline up to 150 miles offshore. Under the agreement with U.S. Oil, SCS will operate the exploration operations for an area of approximately 31,000 sq. miles. Phase one is budgeted at $2.5MM. Plans call for phase one to begin in mid March 2002 with an initial seismic survey. To evaluate the seismic, SCS will use the latest remote PrimeView(TM) attribute technology which provides improved stratigraphic analysis to greater depths and increases the ability to determine prospective features for further exploration and drilling.