HyperDynamics' SCS Contract With Exploration Associates Expands; Geophysical Data Covers Prospects in Five Additional Countries
HOUSTON--(BUSINESS WIRE)--Dec. 14, 2001--HyperDynamics Corporation (OTCBB:HYPD), the premier Integrated Technology Service Provider (ITSP(TM)), enabling tomorrow....today, announced that its wholly owned subsidiary, SCS Corporations' contract with Exploration Associates Inc. has expanded to included seismic prospects from five additional countries.
The contract announced on December 2, 2001 covers SCS's exclusive right to organize, sell, and distribute 2D seismic data never before marketed and now made available for analyzing drilling prospects around the world. A significant portion of the data originally covered Australia. Through the cataloguing process it has been determined that there are sizable prospects also in Alaska/USA, Syria, Peru, Egypt, and Turkey. Under the contract, the data can be sold more than once.
Neil Moore, President for SCS stated, "We expect that these additional prospects will raise our initial estimates of more than $1MM in revenues by a multiple of 2 times. Having the responsibility of managing this valuable asset will naturally produce increasing revenues for our core service fees associated with tape media conversion to DVD-RAM, online media storage, and data processing fees, in addition to the base fees for selling the data." |
