4,000 km Seismic Acquisition Program Commenced in Guinea, West Africa, by SCS Corp.; HyperDynamics' Subsidiary Targets Drilling in 4th Quarter 2004.Business Editors/Energy Writers HOUSTON--(BUSINESS WIRE)--Oct. 15, 2003 HyperDynamics Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :HYPD) has announced that its energy subsidiary SCS Corporation has commenced the planned 4000-kilometer 2D seismic acquisition on the company's concession offshore in the Republic of Guinea, West Africa West Africa A region of western Africa between the Sahara Desert and the Gulf of Guinea. It was largely controlled by colonial powers until the 20th century. West African adj. & n. . The current acquisition program commenced in late last month. The program was designed from earlier seismic work conducted by SCS in 2002. The 2002 program identified a major Delta with sediments up to 36,000 feet thick forming a "fan" across a 150-mile extended coastal perimeter. Neil Moore Neil Moore (born September 21 1972 in Liverpool) is an English professional football defender currently playing for Conference North side Nuneaton Borough. The club captain joined Nuneaton Borough in July 2003 following his release from Mansfield Town. , President of SCS, stated, "The features within the Delta suggest that multiple pay zones exist in several geologic age groups. These features are analogous to formations that produce oil and gas in deltas worldwide." Robert Bearnth, Vice President and Chief Geophysicist for SCS, explained, "As was the 2002 data, the current 2003 data is being acquired using state-of-the-art 6,000-meter digital cables. This allows us to view features at depths in excess of 18,000 feet, which is 3 times deeper than anything seen in Guinea to date. The deeper horizons are showing significant direct hydrocarbon indicators. It is becoming more clear that numerous prospects on this delta are of world-class dimensions," Bearnth further explained, "These prospects have never been viewed before because most of Guinea's existing seismic was shot over 20 years ago using 2000-meter analog cable. The old technology simply could not see what we are seeing now." It is expected that, at the conclusion of the 2003 program, SCS will identify the most prospective sites in a major quadrant of the concession. Features will then be pinpointed for focused 3D seismic coverage. The high-tech modeling procedures will be compared against proven reserves that have the same attributes. The Company believes that the 3D analysis, processing and intense modeling will lead to our drilling program, now targeted to commence as early as the last quarter of 2004. Kent Watts, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of HyperDynamics, said, "I could not be more pleased with our exploration team. The results we have had to date have added value Added value in financial analysis of shares is to be distinguished from value added. Used as a measure of shareholder value, calculated using the formula:
About HyperDynamics HyperDynamics is a provider of integrated information technology (company) Integrated Information Technology - (IIT) A Santa Clara based company producing a programmable, single chip H.261 and MPEG system. The chip contains a RISC processor, originally based on the MIPS architecture but now called RISCit, and a "Pixel Processor". services. HyperDynamics' wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , SCS Corporation, is focused on oil and gas exploration and geophysical data services for the oil and gas industry, including its integrated SCS NuData(SM) services, as well as developing new regions of Africa The continent of Africa can be conceptually subdivided into a number of regions or subregions. Directional approach One common approach categorises Africa directionally, e.g. for energy production. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement: 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's SEC filings. |
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