SCS & Spectrum Ink Deal to Process Key Seismic Data

HyperDynamics' energy subsidiary, SCS Corp., signed an agreement for Spectrum Energy & Information Technology Inc. to provide additional processing in close collaboration with SCS's geo-experts, Neil Moore and Robert Bearnth. The 4,007.6 kilometers of data acquired recently targeted a specific quadrant of SCS's 16MM acre concession offshore The Republic of Guinea in West Africa. After our initial processing, the company decided to engage a reputable world-class processing firm capable of providing a hands-on and flexible service. This led to the contract signed on Dec. 4, 2003 between SCS and Spectrum.

Moore, president of SCS stated, "In addition to this being the best option on a cost/benefit basis, Bob Bearnth and I concluded together that Spectrum could give us the additional analysis we need and will most importantly cater to our technical tweaking of the key processing parameters as we go. This will give us the best and most flexible results possible toward our goal of pinpointing an ultimate drilling prospect and making a commercial discovery. The beginning parameters will yield an output that will make our studies associated with source rock and porosities within the targeted zones increasingly more accurate and reliable. We are very excited to additionally analyze our data and to have the capabilities afforded to us by Spectrum. We can hardly wait to see the results."

Kent Watts, chairman and CEO of HyperDynamics, said, "Spectrum is one of the largest and most experienced seismic processing firms in the world. Their breadth of knowledge and significant experience in working for practically all the super majors, lends us enhanced credibility as we move forward."

Derek Skoyles, president of Spectrum, stated, "Our company is eager to be working with HyperDynamics on a hitherto under-explored area with excellent potential due to its location and geology. The application of the latest technology in determining structure, rock properties, and fluid fills, and being the first to define new prospects is what makes this business fun. Spectrum has all the tools and experience necessary to quickly and effectively extract as much information as possible from the newly acquired data."