Hyperdynamics Corporation announced that the processing of its newly acquired seismic offshore the Republic of Guinea is scheduled for completion by the end of this month. The Company's geoscientists are now set to extensively interpret this new data. The preliminary brute stacks of this new 2008 2-D data were used by Mr. Jim Spear, EVP of Exploration and Production and Mr. Jeffrey Sprain, Exploration Manager, in the last month to confirm many giant structural and stratigraphic targets along the Transform Margin running through the Company's concession. These targets are in excess of 10 kilometers along strike and some have potential for oil columns in excess of 1,000 feet. Many of these targets have already been preliminarily laid out into 3-D acquisition grids. The completion of the 2-D interpretation will provide the final basis for the Company's upcoming 3-D survey. Executives are now traveling and have scheduled meetings with drilling contractors, and potential Joint Venture Partners in the UK.
Since its work began in 2002 the Company has disclosed much information about the potential for offshore Guinea to hold world class reserves. In the last few years over 40 discoveries have been reported along the transform margin of West Africa from as far south as Benin and moving north through Togo, Ghana, Ivory Coast and Liberia. The extension of this fairway moves through the slope shelf of Sierra Leone, and to the widest shelf in West Africa offshore Guinea. As far as potential for having world class reserves it is important to understand that these discoveries have average reserves of over 200 million barrels of oil equivalent (MBOE). This calculates to many billions of barrels of reserves already discovered. In addition to this, in an article reported by Caribbean Net News on April 15th, it was noted that Repsol-YPF and US-based Noble Energy are currently drilling for oil offshore Suriname. Suriname is believed to be the South American analogue to offshore the Republic of Guinea on the African side with reference to the Demerara Plateau that scientists believed was once interconnected to the Suriname-Guyana sedimentary basin. It was noted in the article that the United States Geological Survey (USGS) in 2000 concluded that the Suriname-Guyana sedimentary basin contains 15 billion barrels of undiscovered oil.
