Hyperdynamics Engages Dr. Olufemi Babalola
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Author: Business Wire Press Release
Released 19 June 2008
HOUSTON, June 18, 2008--(BUSINESS WIRE)--Hyperdynamics Corporation (AMEX:HDY) announced today that its wholly owned subsidiary, SCS Corporation, has engaged Dr. Olufemi O. Babalola as its new Petroleum Development Manager and Chief Geophysicist.
Dr. Olufemi Babalola is a geoscientist with more than thirty years of geophysical and geological work experience, both domestic and internationally in the exploration for, and development of hydrocarbons. Dr. Babalola has most recently provided consulting and geo-technical leadership in field development work with Saudi Aramco where he developed sophisticated workflows for real-time reservoir characterization for geosteering operations in reservoirs of the Ghawar super-giant (the world's largest onshore oilfield), the Safaniya super-giant (the world's largest offshore oilfield), as well as the Khurais oilfield, and the Hawiyah, Haradh and Uthmaniyah gas fields. At Saudi Aramco, Dr. Babalola also developed various software-automation tools for geosteering and real-time monitoring of horizontal wells.
Dr. Babalola's addition to Hyperdynamics' exploration team, led by the Company's Executive Vice President of Exploration and Production, Mr. James Spear, substantially enhances and reinforces upstream exploration ability and simultaneously establishes the foundation for the Company's downstream exploration and development capability.
In addition to being a dramatic enhancement to the Company's 2-D and 3-D seismic interpretation and analysis capabilities, Dr. Babalola will oversee Hyperdynamics' Field Development, and Near-Field Exploration work within the G&G Operations of the company.
Commenting, Dr. Babalola said, "I am excited at returning to the US from my Middle East stint with Saudi Aramco to join Hyperdynamics' top-flight exploration and production team. I aim to immediately contribute my globally-acquired expertise towards future success in our extensive concession offshore the Republic of Guinea where we have the fantastic opportunity to achieve a world class discovery. Also, as we work intensely to achieve this goal, our international exploration efforts are complemented nicely as we simultaneously work towards enhancing and expanding our domestic production and reserves."
Dr. Babalola is scheduled to begin his engagement with the Company on July 15, 2008.
About Dr. Olufemi Babalola
In addition to his work on the largest fields in the world, onshore and offshore Saudi Arabia, Dr. Babalola has worked on several geological basins and petroleum provinces around the world, including West Texas, offshore Louisiana, Texas Gulf Coast, and Gulf of Mexico of the US, as well as internationally in the offshore Republic of Mexico, offshore Niger Delta fields, Keta basin (onshore Ghana), Lome field (offshore Togo Republic), Seme Field (offshore Benin Republic), and Afowo/Ise grabens, (onshore & offshore southwestern Nigeria). He has executed various projects as an independent consultant for many notable clients including the world's largest oil company - Saudi Aramco, Halliburton Energy Services/Landmark Graphics, as well as the world's top multi-national oil companies - ExxonMobil Production, Shell, Agip, BP Exploration, Amoco Production, and Western Atlas E&P. Dr. Babalola has also held academic and research appointments at the University of Texas at Austin, the University of South Carolina, and the University of Houston.
He is noted for research-based 1983 and 1987 technical-conference papers predicting high hydrocarbon potential and describing major plays/prospects (from multi-geophysical data integration and thermo-mechanical subsidence/maturation modeling), of the offshore and onshore Niger Delta basin. This was confirmed in the 1990's - more than a decade later - by several discoveries, seven (7) of which had estimated reserves of between several hundred million and 1 billion barrels each, with total estimated reserves of six (6) to twelve (12) billion barrels. He is additionally credited for a geophysical discovery (1984) showing the existence and location of multiple triple junctions beneath the onshore Niger Delta basin and for his demarcation and detailed mapping (1990) of the oceanic crust beneath the onshore and shallow water Niger Delta basin.
Dr. Babalola is an Integrated Reservoir Modeler & Geophysical Analyst/Interpreter proficient in computer-intensive petroleum exploration and development. He has more than three (3) decades of extensive industry and academic experience in Geosciences, Information Technology, Business Development and Management disciplines. His experience over the last three (3) decades spans more than nine (9) countries across four (4) continents including - Nigeria, the U.S.A., Mexico, Saudi Arabia, the U.K., Ghana, Togo, and Benin.
Dr. Babalola holds a Ph.D. in Geological Sciences (Geophysical Engineering), Univ. of South Carolina - 1990, an M.B.A. - Information Systems Concentration, Univ. of Houston - 2003, a Master's in Geological Sciences (Geophysical Engineering), Univ. of Texas at Austin - 1984, and a B.S. in Applied Geophysics (with Second-Major credits in Geology), Univ. of Ife, Ile-Ife, Nigeria - 1976. He performed Post-Doctoral Studies in Petroleum/ Reservoir Engineering & Industrial Engineering/ Engineering Management, Univ. of Houston - 2001 to 2005.
Additional information regarding Dr. Olufemi Babalola can be found on the Company's website at: Dr. Olufemi Babalola for Hyperdynamics.
About Hyperdynamics
Hyperdynamics Corporation provides energy for the future by exploring and producing sources of energy worldwide. The company's internationally active oil and gas subsidiary, SCS Corporation, owns rights to explore and exploit 31,000 square miles offshore the Republic of Guinea, West Africa. HYD Resources Corporation focuses on domestic production in proven areas. To find out more about Hyperdynamics Corporation, visit Hyperdynamics.