Hyperdynamics outilines Guinea exploration plan
Offshore staff
HOUSTON -- Hyperdynamics Corp. has formally begun a farm-out opportunity for its 80,290-sq-km (31,000 sq mi) concession offshore Guinea, West Africa. A number of exploration companies have expressed interest and signed confidentiality agreements as a first step in the program, Hyperdynamics says. The company is using this farm-out opportunity to accelerate its ongoing exploration of offshore Guinea.
"Our contract area is in a region of tremendous interest to international explorationists, and our review of seismic data suggests it has the potential for world-class discoveries," says Kent Watts, Hyperdynamics chairman and CEO. "With such a vast amount of acreage available to us in the contract area, we'll be able to pursue multiple exploration targets with a number of different partners through this farm-out opportunity."
Hyperdynamics is securing confidentiality agreements and scheduling presentation meetings with potential partners. Following these 1Q 2007 meetings, potential partners can purchase a review license allowing them to evaluate the geophysical and geological data, which includes 5,000 km (3,107 mi) of new proprietary seismic data. The review period is scheduled for 2Q 2007.
The companies will be given the opportunity to present farm-in proposals to partner with Hyperdynamics. In 3Q, the company plans to review proposals and negotiate contracts with prospective partners.
Meanwhile, Hyperdynamics also continues its seismic data acquisition program, which began in 2002. As part of its production-sharing contract with the Republic of Guinea, the company plans to acquire and interpret as much as 18,000 km (11,185 mi) of additional seismic by late 2008.
In addition to the ongoing geophysical program, a study is nearing completion by a subsidiary of GlobalSantaFe Corp. to identify the logistics needed to support future drilling and production operations. This study will help Hyperdynamics and its partners plan for the materials, equipment, transportation, and labor needed, both onshore and offshore, to be ready to mobilize quickly once the drilling phase begins.
1/26/2007