PGS was recently awarded the contract to acquire the survey, expected to begin later this month. Hyperdynamics said that the seismic data processing is expected to cost about $2.5m, bringing the estimated total cost of the acquisition and processing work to $25m. Hyperdynamics’ net share of the combined program is 77% or approximately $19.3m.
The 3,675sqkm survey should allow detailed mapping of multiple prospects which were identified from the prior 2D seismic data, the company added.
Ray Leonard, President and CEO of Hyperdynamics, said: “We look forward to working with PGS. The 3D survey represents a major step forward towards choosing a location for the drilling of our initial exploration well in late 2011.”
