HOUSTON – Hyperdynamics Corp. (NYSE Amex: HDY) has contracted PGS Geophysical to process the data from the 3D seismic survey to be conducted over its offshore block in the Republic of Guinea. PGS was also awarded the contract for the acquisition phase of the 3,675 square kilometer survey, expected to be completed this month.
The seismic data processing is expected to cost about $2.5 million, bringing the estimated total cost of the acquisition and processing work to $25 million. Hyperdynamics' net share of the combined program is 77% or approximately $19.3 million.
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.