PGS Completes Phase I of Seismic Interpretation
Tuesday August 24, 10:02 pm ET
Technical Consensus Reached for a Working Petroleum System
Hyperdynamics' CEO Says Asset Value Continues to Grow
HOUSTON--(BUSINESS WIRE)--Aug. 24, 2004-- SCS Corporation, the energy subsidiary of Hyperdynamics Corporation (OTCBB:HYPD - News), awarded a contract for 3rd party interpretation services to Petroleum Geo-Services (PGS) on August 6, 2004. PGS has worked diligently since that time and completed phase I of the contract interpretation work. PGS has now gathered all of its information and interpreted data and traveled back to London. Over the next several weeks they will be completing their analysis and final reports. In the process of completion, they plan to integrate other West African known geological information as well as the specific results expected shortly from SCS's geochemical coring program being performed by its contractor TDI-Brooks.
On August 19th a preliminary report was given to SCS management and Hyperdynamics' CEO. When asked about the content of the preliminary report, Robert Bearnth, EVP of Geology, said that "it is very nice having an independent geological team corroborating our findings. The consensus now is that there is everything required in the region to support commercially viable hydrocarbons. All information which we have reported on before is being supported, even to the extent of agreeing wholeheartedly that there is indeed a working petroleum system throughout the concession. This system includes significant hydrocarbon sources, structures, fault migration paths, reservoir and potential traps. We also have conclusive evidence of three ancient deltas with very thick sedimentary deposits. There is additional consensus that gas seeps reported on earlier are of hydrocarbon origin."
Mr. Kent Watts, CEO for Hyperdynamics stated that, "PGS's preliminary report could not have been more positive. All of our exploration work is continuing to grow our asset value. It is mind boggling to me that this value has not yet been reflected in our share price. However, I am confident that our consistent progress will ultimately correct this market disparity."
About PGS
PGS is a technologically focused oilfield service company principally involved in geophysical and floating production services. PGS provides a broad range of seismic- and reservoir services, including acquisition, processing, interpretation, and field evaluation. PGS also owns and operates four floating production, storage and offloading units (FPSOs). PGS operates on a worldwide basis with headquarters in Oslo, Norway. For more information on Petroleum Geo-Services visit www.pgs.com.
About Hyperdynamics
Hyperdynamics uses integrated information technology to help manage and invest in companies with substantial potential for growth. Hyperdynamics' internationally active oil and gas subsidiary, SCS Corporation, owns rights to explore and exploit acreage of offshore West Africa. Its other subsidiary, HYD Resources Corporation, focuses on domestic oil field services and unique opportunities for participation in and drilling for domestic production. |
