HyperDynamics and Georex Initiate Services to Total Fina Elf; Alliance Partner Targets Millions of Tapes in the French-Speaking World
HOUSTON--(BUSINESS WIRE)--March 26, 2002--HyperDynamics Corporation (OTCBB:HYPD), the premier Integrated Technology Service Provider (ITSP(TM)), today announced its wholly owned subsidiary, SCS Corporation, has initiated a program with its Alliance Partner in Paris, Georex-AT, to provide data copy and conversion service for a major oil and gas producer, Total Fina Elf (NYSE:TOT) in Pau, France.
Total Fina Elf operates a major computer-processing center for geo-data at Pau and has archived as many as a million magnetic digital tapes from all of the French-speaking areas of the world. HYPD/SCS is selling hardware, licensing its ONYX software, training personnel and providing support to Georex as they launch basic data copying services this spring. Plans call for further expansion to full data conversion later in the year.
Neil Moore, President of SCS, stated, "With the merger of companies like Exxon and Mobil to form ExxonMobil (NYSE:XOM) and Chevron and Texaco to form ChevronTexaco (NYSE:CVX), and the acquisition of Amoco and Arco by British Petroleum (NYSE:BP), seismic tape libraries are in disarray on a worldwide basis. There is an estimated two billion seismic tapes in the world that are currently stored in warehouses. These tapes need to be organized, cataloged, converted to DVD and placed online." Moore further stated, "This alliance with Georex is exciting in that we now have a strong partner to market our systems to the French-speaking world. Total Fina Elf is the second major oil company this year to begin utilizing our data conversion technology."
HYPD/SCS is the dominant company in the field of PC-based copy/conversion systems for petroleum exploration data worldwide. Over 100 systems are currently operating in 23 countries. In 1998, HYPD/SCS initiated DVD technology to consolidate all types of geophysical data on DVD Random Access Media (DVD-RAM) from magnetic tape, paper and film. Currently, HYPD/SCS systems record data to and from tape, rewritable DVD-RAM or can write on DVD-R disks which can be stored in office files, juke boxes mixed with CDs and/or on remote Network/Internet application servers instead of being buried in inaccessible vaults and warehouses. On DVD, all of the data relative to prospects or producing sites is available to exploration management and professionals at the click of a mouse. |
