SUGAR LAND, Texas, June 15, 2010 (GLOBE NEWSWIRE) -- Geoserve Marketing LLC, a private consulting firm, is continuing commentary regarding the Hyperdynamics Corporation (NYSE AMEX:HDY) shareholder conference call held June 8, 2010. It was noted in the call that of significant and immediate interest to shareholders is that the company has selected a vendor to supply 3D seismic coverage in preparation for drilling its first well offshore the Republic of Guinea in West Africa.
During the shareholder call, it was disclosed that Hyperdynamics had seven of the world's largest seismic companies bidding for the 3D seismic contract. The winning bid announced on Friday, June 11, 2010, was submitted by Norwegian based PGS Geophysical. The price tag for the 3,500 km shoot was announced at $21 million. Ray Leonard, President and CEO of Hyperdynamics, stated in the conference call that the winning bid was significantly less than expected due to the intense competition. He noted that this positive development along with recent cash raises would allow Hyperdynamics to move forward under no pressure to sign any more partners until the 3D seismic shoot was complete. This development was touted as significant as the strategy is now to retain as much of the concession for as long as the company can before signing a third partner.
It was reported that the PGS seismic boat is in route to Guinea and is scheduled to begin shooting in mid-July. The contractor is slated to complete processing by year's end with target selection by the first quarter of 2011. The 3D shoot will delineate three targets. Two of the targets are turbidities sand plays and lay in 400 to 800 meters of water. The third target is a shallow four-way closure that lies in 70 meters of water. Leonard made the point during the call that the shallow target affords the company some flexibility to possibly drill it first at half the cost of the other two and thereby possibly retaining a larger portion of the concession. Hyperdynamics has announced that the first well is scheduled to be drilled in the fourth quarter of 2011.
Earlier this year, Hyperdynamics Corporation signed an agreement with Dana Petroleum (LSE:DNX) to create a joint venture to develop Hyperdynamics' Guinea concession. Hyperdynamics completed a 10,100 km, 2D seismic shoot partially funded by Dana Petroleum and Repsol TPF S.A. (NYSE:REP). Repsol had also signed a letter of intent to join as a third partner in the development.
"Prior to this call, the fact that Repsol participated in the seismic shoot and had signed a letter of intent gave rise to speculation that Repsol might become a third joint venture partner," said Geoserve Marketing Owner Michael E. Watts. "It is now clear that the situation has changed. There are at least two super majors in the running and the 3D will probably be acquired before a third partner is chosen."
Geoserve Marketing urges shareholders and any interested parties to contact Investor Awareness, a full-service investor relations firm, regarding any questions and updates from Geoserve Marketing. Investor Awareness, Inc. is not affiliated or related to Hyperdynamics Corporation and has been retained for public/investor relations efforts on behalf of Geoserve Marketing.
A full replay of the Hyperdynamics shareholder call is available at http://www.videonewswire.com/event.asp?id=69567
About Geoserve Marketing LLC:
Geoserve Marketing is a strategic business consulting and private finance firm. We assist enterprises in making the best decisions on strategy, operations, mergers & acquisitions and organization. Visit us online at www.geoservemarketing.com.
About Hyperdynamics:
Hyperdynamics is an emerging independent oil and gas exploration and production company that is exploring for oil and gas offshore the Republic of Guinea in West Africa. For more information, visit www.hyperdynamics.com.
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