Hyperdynamics Seismic Survey, Guinea

Thursday, October 01, 2009

Hyperdynamics Corporation (NYSE Amex: HDY) announced that it has signed a contract with Bergen Oilfield Services AS of Norway to conduct a 9,000 kilometer 2-D marine seismic survey on portions of its oil and gas concession offshore Republic of Guinea. The survey is expected to get under way by the end of October.

"This survey will help us make a final determination of which portions of our 31,000-square mile concession area we want to maintain for future exploration," said Ray Leonard, Hyperdynamics' President and Chief Executive Officer. "Under a new September Memorandum of Understanding that reaffirms the validity of our Production Sharing Contract, we are required to relinquish 64% of the acreage by December 31, 2009. This new data will enable us to choose the best acreage to retain from this vast area, and it will also help us high-grade our better prospects so we can choose the areas where we want to shoot a more limited 3-D survey next year."

"The raw field records or the Brute Stacks from the 'new' 2009 2-D seismic survey will be delivered by BOS in almost real time as it is acquired," according to James Spear, Hyperdynamics' Vice President of Exploration and Development. "The processing of this data will be done onboard one of BOS's modern seismic vessels, as each line segment or sequence is acquired offshore Guinea. The BOS vessel is equipped with modern-day, state-of-the-art, Sercel recording instrumentation along with Sentinel Solid streamers. The contractor's vessel is prepared to continue on 3-D acquisition on short notice."

The cost of the project is estimated to be $10m. Hyperdynamics plans to fund the survey using proceeds from a farm-in arrangement it expects to complete with another oil and gas producer during the fourth quarter and/or with proceeds from a potential capital raise. The company will make an upfront payment of $500,000. In addition, as a guarantee to Bergen Oilfield Services (BOS), Hyperdynamics will allow seismic work to begin ahead of the farm-out and/or financing period. Hyperdynamics will issue the seismic contractor 2.5 million restricted common shares, or approximately 4.4% of outstanding shares. The deposit shares would serve as collateral for a mobilization payment of $1,100,000, and for three subsequent payments due as the data is processed and delivered to our office in southwest Houston.

(www.hyperdynamics.com)

Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Arctic Oil: Bourbon to Enter Arctic Market in 2016

Bourbon plans to enter the growing Arctic Offshore market in 2016 with a new Anchor Handling Tug Supply (AHTS) vessel built by the Vard shipyard. This AHTS (Anchor

Total CEO: EU Must Fight US Crude Export Law

First major public appearance of new Total head; he challenges European politicians to fight US ban. The new head of French energy major Total challenged Europe to fight Washington over the U.

GAC Starts Hull Cleaning Op'ns in Oman

GAC EnvironHull hull cleaning operations using the brush-and-diver-free HullWiper system starting at the port of Sohar, just outside the Gulf of Hormuz. This

 
 
Maritime Careers / Shipboard Positions Naval Architecture Navigation Pipelines Pod Propulsion Port Authority Salvage Ship Repair Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1533 sec (7 req/sec)