HyperDynamics' SCS Corp. Signs Exclusive Geophysical Data Services Agreement; Geophysical Data Service Fees Expected to Exceed $1MM
HOUSTON--(BUSINESS WIRE)--Dec. 4, 2001--HyperDynamics Corp. (OTCBB:HYPD), the premier Integrated Technology Service Provider (ITSP(TM)), enabling tomorrow ... today, announced that its wholly owned subsidiary, SCS Corp., has signed an agreement relating to geophysical data services with Exploration Associates Inc. of Houston.
The agreement covers SCS's exclusive right to organize, sell and distribute 2-D seismic data never before marketed and now made available for analyzing drilling prospects around the world. A significant portion of the data covers Australia. SCS will organize and catalogue the data, digitize hard copy traces, convert approximately 2,500 9-Track tapes over to DVD-RAM, and copy tapes and distribute the data sold as necessary all as incremental services provided under the contract.
SCS estimates a minimum of $1MM in fees based on approximately 4,000 miles of data available at $1,000 per mile. Under the agreement, the data can be sold more than once.
Robert Bearnth, vice president, geologist and geophysicist for SCS, stated: "This agreement gives us the valuable seismic data inventory necessary to attract more oil companies to our geophysical data management services. It is interesting to note that the data off the northwestern shore of Australia has many of the characteristics of the North Sea." |
