Hyperdynamics Corporation today announced the signing of a 3D acquisition and processing contract with CGGVeritas to cover an area of approximately 4,000 square kilometers in its exploration block offshore Guinea. The value of the contract is approximately US $29.0 million gross.
The survey is expected to begin in late October 2011, using the survey vessel Oceanic Endeavour. The area of the 3D acquisition is just southwest and adjacent to one of the 3D surveys obtained by HDY in 2010. The major goal of the work is to investigate multiple possible deepwater submarine fans seen on a 2D survey acquired for Hyperdynamics in 2009. The new survey will use the CGGVeritas BroadSeis broadband solution, which will provide a clearer and more detailed image of the subsurface. After acquisition, the data will be processed by CGGVeritas, with completion of that work expected in the second half of 2012.
Ray Leonard, Hyperdynamics CEO , commented, “ We’re pleased to have signed this acquisition and processing contract with an industry leader such as CGGVeritas. We consider this next seismic campaign as a critical next phase of our exploration program, which will concentrate on the major new play in the equatorial Atlantic margin. Once the seismic data is interpreted, we expect to be able to identify targets for possible drilling in this trend.”
Hyperdynamics operates the offshore Guinea concession with a 77 percent interest. Aberdeen-based Dana Petroleum has a 23 percent stake.
About Hyperdynamics
Hyperdynamics is an emerging independent oil and gas exploration and production company that is exploring for oil and gas offshore the Republic of Guinea in West Africa.
[mappress] Source: Hyperdynamics, September 21, 2011; Image: Volstad