HyperDynamics has positive results with seismic processing

Geoscientists report 25 new locations believed to be gas seeps on the sea floor offshore Guinea.

Mar 9th, 2004

Geoscientists report 25 new locations believed to be gas seeps on the sea floor offshore Guinea.

HyperDynamics Corp. subsidiary SCS Corp.'s continued reprocessing of the 2D seismic acquired in late 2003 is on schedule at Spectrum Energy and Information Technology Inc. Significant information is emerging to support the viability of previous targets and the ongoing work is continuing to reveal many new targets.

As the processed data is emerging and interpretation continues, the exploration team's excitement continues to grow.

"The latest processed data confirms that numerous surface seeps over the concession have not only created physical anomalies on the sea floor, but show conditions that indicate there are gas plumes in the water," Neil Moore, president of SCS, said. "We believe this is indicative of the presence of hydrocarbons. From the new seismic we have recently pinpointed, 25 additional indications of gas seeps spread out over the concession as we continue to map locations of potential drilling targets. Visible breaks in the sea floor associated with acoustic reflections in the water and fault chimneys that include adjacent charging sediments altogether support our interpretation for these gas seeps. We have also correlated these new points of interest with fault lines previously revealed in satellite photos covering prospective areas. This new information together with previous AVO analyses . . . strongly indicates the existence of gas," Moore said.

03/09/04

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