Hyperdynamics to use funds for 3D seismic off Guinea

Offshore staff

HOUSTON -- A majority of the $10.6 million raised in a direct offering earlier this month with go toward an expanded 3D seismic program off Guinea in 3Q 2010, says Hyperdynamics Corp.

The original survey of 2,000 sq km (772 sq mi) now is to cover 3,500 sq km (1,351 sq mi), says Hyperdynamics. The tender includes both acquisition and data processing.

"The larger survey will allow us to cover two separate prospect areas containing multiple prospects with 3D data and to give us a wider range of choices of drilling objectives," says Ray Leonard, Hyperdynamics' president and CEO. "We have a contractual commitment to begin drilling by year-end 2011; so in order to choose a drilling location and have enough lead time to procure drilling equipment and services, we need to begin shooting the seismic survey this summer."

04/26/2010