Fatala a dry hole and it's likley the end of HDYN
HOUSTON, Sept. 8, 2017 /PRNewswire/ -- Hyperdynamics Corporation (OTCQX: HDYN) ("Hyperdynamics" or the "Company"), announced that the Fatala-1 exploration well drilled offshore the Republic of Guinea in Northwest Africa has reached its total drilling depth and did not encounter hydrocarbons.
Fatala-1 was drilled in 2,897 meters of water and reached a total depth of 5,117 meters below sea level. The well encountered a 75-meter-thick Cenomanian sedimentary channel sequence, but it contained predominantly siltstone and clays with no hydrocarbon shows. The well will be plugged and abandoned.
"We are very disappointed at the results of Fatala-1, considering the extremely promising geophysical data on the prospect," said Ray Leonard, Hyperdynamics' President and Chief Executive Officer.
"Hyperdynamics and our 50% partner in the well, SAPETRO, currently hold rights to the Guinea concession through September 21, 2017. In the very near future, we will be studying the results of the well and evaluating any future options we may have for further activity in Guinea.
"Fatala-1 was the deepest-water well ever drilled offshore Africa, and I'm pleased to say that it was drilled safely and within expected budget," Leonard added.
Board of Directors
Hyperdynamics Makes Final Preparations for Fatala-1 Exploration Well Offshore the Republic of Guinea
HOUSTON, Aug. 2, 2017 /PRNewswire/ -- Hyperdynamics Corporation (OTCQX: HDYN) today announced that the Pacific Scirocco deep water drillship has reached its target drilling location 165 kilometers offshore the Republic of Guinea in Northwest Africa and is making final preparations to spud the Fatala-1 well later this week.
The Fatala-1 well will be drilled in approximately 2,900 meters of water to test a large turbidite fan prospect in the Transform Margin play with prospective P50 recoverable resources of 647 million barrels of oil based on a 2016 Netherland Sewell resource report.
"We expect to complete final provisioning preparations today to be ready for the actual spudding of the well no later than Friday," said Hyperdynamics' President and Chief Executive Officer Ray Leonard.
"Drilling is expected to take approximately 40 days to reach a total depth of 2,500 meters below the mud line. The next six weeks or so are going to be an extremely busy and exciting time for Hyperdynamics, as we seek to unlock what we believe is world-class oil potential from this largely untested basin offshore the Republic of Guinea in Northwest Africa."
Hyperdynamics is an emerging independent oil and gas exploration company that is exploring for oil and gas offshore the Republic of Guinea in West Africa. To find out more, visit our website at www.hyperdynamics.com.
President and Chief Executive Officer
Anne Pearson / Jack Lascar
Concession Area: Offshore Republic of Guinea, West Africa
More from the OGIS/IPAA Conference here...
| || |
12012 Wickchester Lane
Houston, Texas 77079
Investor & Media Relations Paolo Amoruso
| || || |
| || |
| ||American Stock Transfer & Trust Company, LLC. |
6201 15th Avenue
Brooklyn, NY 11219
Other Mods place content below this line