HOUSTON, Sept. 21, 2011 /PRNewswire/ -- Hyperdynamics Corporation (NYSE: HDY) today announced the signing of a 3D acquisition and processing contract with CGGVeritas (NYSE: CGV) 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.
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. To find out more, visit our website at www.hyperdynamics.com.
Forward Looking Statements
This news release and the Company's website referenced in this news release contain forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding Hyperdynamics Corporation's future plans and expected performance that are based on assumptions the Company believes to be reasonable. Statements preceded by, followed by or that otherwise include the words "believes", "expects", "anticipates", "intends", "projects", "estimates", "plans", "may increase", "may result", "will result", "may fluctuate" and similar expressions or future or conditional verbs such as "will", "should", "would", "may" and "could" are generally forward-looking in nature and not historical facts. A number of risks and uncertainties could cause actual results to differ materially from these statements, including without limitation, funding and exploration efforts, fluctuations in oil and gas prices and other risk factors described from time to time in the Company's reports filed with the SEC, including the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2011. The Company undertakes no obligation to publicly update these forward looking statements to reflect events or circumstances that occur after the issuance of this news release or to reflect any change in the Company's expectations with respect to these forward looking statements.
Dennard Rupp Gray & Lascar, LLC
Ken Dennard, Managing Partner
Jack Lascar, Partner
Anne Pearson, Sr. Vice President
SOURCE Hyperdynamics Corporation