Hyperdynamics Corporation announced today it has issued an Invitation to Tender for a 3-D seismic survey covering approximately 4,000 square kilometers on its exploration block offshore Republic of Guinea.
Acquisition of the new 3-D survey was approved by the Guinea project’s Petroleum Operations Management Committee during its recent semi-annual meeting in Conakry, Guinea. The Committee also approved a revised budget of $95 million for 2011. The revised budget includes the previously approved drilling of two exploration wells planned for the fourth quarter, as well as the new seismic survey.
The new deep water survey will be adjacent to Survey A, where Hyperdynamics acquired its initial 3,635-square-kilometer 3-D seismic survey in 2010. The deep water survey will allow the Company to study Upper Cretaceous submarine fan structures along the Transform Margin trend of Guinea in Northwest Africa.
The Company plans to award the contract in August and expects to begin the survey before the end of the year.
“This deep water 3-D survey is the next logical step in the exploration of our large offshore block in the Republic of Guinea,” said Ray Leonard , Hyperdynamics President and Chief Executive Officer. “We have identified possible fans in our 2-D seismic data, and the 3-D survey will allow us to image these features in much more detail as potential drilling prospects.”
This week’s meeting of the Petroleum Operations Management Committee, which oversees the annual work program, was chaired by Mohammed Lamine Fofana, Minister of Mines, and was attended by Ray Leonard of Hyperdynamics, which holds a 77 percent interest and is the operator, and by Jason White, Guinea Asset manager for Dana Petroleum, a subsidiary of KNOC, which holds the remaining 23 percent interest in the Guinea project.
“We continue to have an excellent working relationship with the Ministry of Mines and Geology,” Leonard said. “All parties are pleased with the progress of the project and are anticipating the drilling of the Sabu-1 and Baraka-1 exploration wells in the shallower water portion of the block in the fourth quarter of this year.”
Source: Hyperdynamics Group, July 15, 2011;