HyperDynamics' SCS Completes Reprocessing of 2002 Seismic Data; Preliminary Interpretation Reveals Enormous New Structures
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Mon Sep 29 16:05:00 2003 EST
HOUSTON, Sep 29, 2003 (BUSINESS WIRE) --
HyperDynamics Corp.
(OTCBB: HYPD) announced today that its wholly owned subsidiary, SCS
Corp., has completed preliminary evaluations of a new sector of its
16-million-acre concession offshore the Republic of Guinea, West
Africa. In 2002, several regional lines of seismic were acquired and
recently reprocessed revealing a whole new sector, adding to
previously announced potential for commercially viable hydrocarbons
offshore Guinea.
It was reported by SCS geo-experts that near the edge of the
Guinea continental shelf, within the ancient Guinea Delta identified
earlier, three important zones exist at depths between 12,000 and
15,000 feet below the ocean surface. From preliminary analysis, it is
believed that there are substantial shale deposits, source rocks for
oil and gas, and turbidites representing porous sands that typically
form reservoirs holding petroleum. SCS' geo-experts believe this is
the case in Guinea as is also the case in many areas of the world
containing large hydrocarbon reserves. There is also indication that
the turbidites were laid down between deltaic shale deposits in strata
hundreds of feet thick. It appears that the sands were carried by
currents over the edge of the ancient shelf from mountainous coastal
wetlands. It is also believed that very large buried channels indicate
that major rivers were present. These turbidite zones cover an area
beginning 75 miles from the Guinea coast and extend to the current
shelf edge approximately 100 miles offshore.
This new information was revealed by analyzing data collected by
SCS in 2002 and reprocessed recently, revealing more clearly these
massive structures along the ancient shelf. The structures are dipping
toward shore over 20-25 mile distances between faults. This "reverse
dip" is thought to trap and restrict the flow of petroleum out of the
faulted blocks. After reaching a crest at the shelf edge, the strata
then rolls over in the opposite direction toward the Atlantic basin.
Neil Moore, president of SCS, stated, "Computer processing
technology capable of bringing forth high-resolution stratigraphic
features has identified these turbidite sands present over and around
the structures." Moore continued, "My calculations show that the zones
are capable of holding billions of barrels of oil and significant
amounts of associated natural gas. This new prospect, which is one of
many being investigated in the area, is in addition to SCS' current
studies reported earlier this month. We are genuinely excited about
what has been revealed thus far and are planning to perform full
exploration operations on this new prospect in early 2004." |
