Hyperdynamics Corporation provided an update on the progress of its recently announced 9,000-kilometer 2-D seismic survey that is under way offshore Republic of Guinea.
To date, 1,200 kilometers of seismic has been acquired. The data is being partially processed onboard Bergen Oilfield Services' seismic vessel BOS Arctic, and processing will be completed at Bergen's center in Oslo, Norway. The technical staff of Hyperdynamics is reviewing all stacked sections each day as they are transmitted from Bergen. The survey, which began October 29, 2009, is expected to be finished on schedule in mid-January, 2010.
"The quality of the data we are getting from our survey is excellent," said Ray Leonard, Hyperdynamics' President and Chief Executive Officer. "It is proving very helpful to us as we prepare to select the 36% acreage portion - approximately 28,800 square kilometers - that we plan to retain." Hyperdynamics agreed in a Memorandum of Understanding with the government of Guinea signed in September that Hyperdynamics would retain a 36% acreage position selected by Hyperdynamics and relinquish the remainder.
