HyperDynamics' SCS Reports Highly Prospective Trends as Spectrum Completes Processing Robert Bearnth, SCS vice president, reports growing support for many traps and more than adequate source rock to provide major sources for hydrocarbons
--------------------------------------------------------------------------------
Fri Mar 19 16:00:00 2004 EST
HOUSTON, Mar 19, 2004 (BUSINESS WIRE) --
HyperDynamics Corp. (OTCBB: HYPD) announced today that SCS Corp.,
the company's wholly owned energy subsidiary, has reached a major
milestone with the completion of the reprocessing work performed by
Spectrum Energy and Information Technology Inc. SCS' state-of-the-art
data acquisition and processing work on 5,000 kilometers of digital
long-array seismic has been completed together with initial
interpretations by SCS' geoscientists. This milestone represents a
culmination of work that began offshore the Republic of Guinea, West
Africa in early 2002.
Neil Moore, president of SCS, stated, "Prior to our work, the
basic view of geologists worldwide was that the area offshore Guinea
was considered to lack petroleum potential. We believe we have
evidence to completely turn that view upside down. To date, we have
uncovered four highly prospective trends that are being mapped to help
us pinpoint numerous potential drilling prospects. Our work
increasingly supports the viability of commercial hydrocarbons
offshore Guinea. The existence of gas is now confirmed as seeping into
the ocean in 'plumes' at significant locations within the concession.
We have also observed that the surface trends that have been found are
consistent with fault 'chimneys' on the latest seismic coverage. These
'chimneys' reach depths that are favorable for oil. Furthermore, the
subsurface features being mapped tie exactly with surface features of
satellite photos reported on earlier. It is genuinely exciting to
watch this picture being painted frame by frame."
SCS' work provides clear evidence of major Delta Fans in extensive
trends offshore Guinea. Such Deltaic features around the world are
normally rich in deposits favorable for hydrocarbon reservoir
development. In addition to the gas seep trends that are in 50 to 100
meter water depths, SCS geoscientists have evidence that rapid
sedimentation of major tributaries across the Delta has weighted the
outer shelf. Robert Bearnth, senior vice president of SCS, stated,
"This has created massive residual structures at the shelf edge. These
features are set along the current Guinea continental shelf in an
extended semi-circular ring. The seismic data indicate that a
carbonate reef developed at an earlier age in this zone. It is now
situated 4,000 meters below the surface along at least 50 kilometers
of an ancient shoreline. The indications are growing that there are
many traps at different ages and more than adequate source rock to
create major sources for hydrocarbons."
Kent Watts, HyperDynamics' chairman and CEO, said, "We now have an
abundance of quality data that geoscientists can sink their teeth
into. We believe that the processing, reprocessing, analysis and
interpretation of this data will be ongoing and continue to benefit us
for years to come. This major accomplishment lays the foundation
necessary for us to move forward toward drilling the first exploratory
wells offshore Guinea."
About HyperDynamics
HyperDynamics is a provider of integrated information technology
services. HyperDynamics' wholly owned subsidiary, SCS Corp., develops
geophysical data services for the oil and gas industry including its
integrated SCS NuData(SM) services while its No. 1 focused priority is
exploring and developing new regions of Africa for energy production.
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995: The statements contained herein that are not
historical are forward-looking statements that are subject to risks
and uncertainties that could cause actual results to differ materially
from those expressed in the forward-looking statements, including, but
not limited to, certain delays beyond the company's control with
respect to market acceptance of new technologies or products, delays
in testing and evaluation of products and other risks detailed from
time to time in the company filings with the SEC.
SOURCE: HyperDynamics Corp.
HyperDynamics Corp., Houston
Kent Watts, 713-353-9400
kent@hypd.com
or
Investor Relations
Stock Enterprises
Jim Stock, 702-274-5400
stockenter@aol.com
or
Ashland Capital
800-277-9081
ashcap@adelphia.net |
