Hyperdynamics Corporation (AMEX: HDY) shares surged higher after Executive VP Jim Speer announced that he would be presenting to a group of pominent Canadian Geoscientists intersted in exploration offshore West Africa, and several of the expected attendees represent potential joint venture partners. The meeting is designed as a way to drum up interest in the company's 31,000 square mile concession area and pave the way for drilling.
Kent Watts, the Company's Chief Executive commented, "Jim Spear is leading the charge towards world class drillable prospects. I have never seen someone with such intense purpose and willingness for unrelenting hard work and doing the right things necessary for that success. It seems to me that the entire resolve of our geoscientists stem directly from the fact that this exploration opportunity is unsurpassed most anywhere in the world today."
Hyperdynamics' 2-D seismic data has shown several new substantial stuctures and stratigraphic plays in its concession area and its geoscientists report new targets almost daily that have potential for world class reserves. Hyperdynamics geoscientists have identified numerous drillable fans and other giant strucutres within its repetoire of prospects ofthree different play types reported in previous press releases.
Investors are hoping that the meeting, to take place near the C3GEO Convention, will drum up business and attract joint partners able to exploit its reserves. Shares of Hyperdynamics Corporation rose $0.27, or 11.12%, to $2.70 on the news.