Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Correction, it was 5 meters of pay. 15 would have been great tho
The Chinese have invested heavily in Guinea. Mining, railroads, hydro power, roads, highways and bridges.
I see the investment in HDYN as a positive. Who would piss away $6 million without a plan TO MAKE MONEY?
They have identified a few other drilling prospects in our concession. We hit 15 meters of high density pay. They logged it. Are we on the edge of a commercial prospect? Who knows? But a very quick $6 million investment after a perceived drilling “failure” is interesting.
Cautiously optimistic, contemplating buying more.
Red
Correction > The Chinese "investment' suggests that
I agree. Something must be in the works - the Chinese suggests that.
I don't know why an investor group would invest 6 million dollars in HDYN unless they planned on making money?$?
Something is going on behind the scenes, they had to do their DD and see some opportunity that made them pull the trigger on 40 million shares at $.15 a share.
Still cautiously optimistic.
Red
I hope we don't all have to learn Chinese.
I hope we get some positive news soon - ???
Is Ray learning Chinese?
SCHEDULE 14F-1
<snippet>
Changes in Control
Subject to Closing and 10 days from the date this statement is filed with the Securities and Exchange Commission and mailed to stockholders of record, the Company will (i) increase the size of the Board of Directors from six (6) board members to seven (7), (ii) the following directors will resign from the Company’s Board of Directors (the “Resigning Directors”) and (iii) the Resigning Directors will be replaced by the following persons (the “Proposed Directors”):
Name of Resigning Director
Gary Elliston
William Strange
Fred Zeidman
Name of Proposed Director
Manfred Shiu
Johan Wang
Markos Armanious
Dr. David Ho
The increase in the size of the Board from 6 to 7 directors of the Company, the resignation of the Resigning Directors, and the appointment of the Proposed Directors will not be affected until after Closing of the Agreement.
See the entire filing here
They don't need to R/S. After CLNG takes over they simply raise the A/S and then issue themselves more shares in a debt/note scheme.
.
good post , pretty much summarizes it
I am trying to figure out how they would raise funds through dilution. There would have to be an RS, but then the Chinese would no longer have majority after the dilution. I haven't followed this as closely lately so I'm probably missing something.
It is what it is....
Yes! Could not agree more.
Very true.
Ive never underestimated Rays compeyence or veracity.
Important thing is to let the obvious facts play out within the the realm of probability for new or existing shareholders.
GLTA
Yes. I do.
I'm not giving up on Ray's perseverance and industry-specific know-how.
We've all lost money here but that's history. Moving on doesn't always have to mean severing things off at the jugular. I'm still here and don't have much to lose, now that I've already sustained the big hit.
More details on the CLNG deal and HDYN's cash position
From page 4 of the 10-K
"The Company intends to use the net proceeds of the stock purchase agreement to pay outstanding obligations."
From pg 12-13
We require additional financing to meet our general and administrative obligations and in order to fulfill our PSC commitments during an appraisal program. We are currently not in a position to predict when, if ever, we will be able to meet those obligations.
The Concession offshore Guinea is our principal asset and we do not have the funds necessary to fulfill the proposed appraisal program under the PSC. On November 14, 2017, we had $0.7 million in unrestricted cash and $9.9 million in current liabilities. In the absence of operating cash flows, in order to meet our current obligations as they become due over the next quarter and 12 months and, if the two-year appraisal period for which we have applied is granted, to be able to continue with our operations, we intend to rely exclusively on issuing equity or debt securities or, alternatively, divestiture of additional participating interests in the Concession.
significant take aways from the 10K:
- CLNG, the company they reported selling 40,000,000 shares to at .15 ( $6,000,000) is now late on that payment , the payment has not occurred, but they are doing "due diligence" Hmm
- internal review and the log analysis conducted by eSeis, an independent geophysical and petrophysical consultant — , whas identified a section in the secondary objective, an upper Cenomanian channel (Cenomanian 03) located above the primary target formation that contained a five-meter interval with 17% porosity and 61% hydrocarbon saturation, which we believe is a petroleum discovery that implies the presence of commercially exploitable resources.
-On the basis of this discovery, on September 19, 2017, we applied to the government of Guinea for a two-year appraisal program. We are awaiting the decision of the Government of Guinea on our appraisal application. There can be no assurance that such application will be approved, or if it is, that it will be on terms acceptable to us. If the Government of Guinea does not approve our appraisal period application, the PSC will have terminated by its terms on September 21, 2017.
So , it's a 2 trick pony at this point.
If CLNG bails, and there's no funds, the Guinea appraisal decision is moot, there wont be any funds to do anything.
If CLNG is in, a slight murmur of a heartbeat and we're right back where we were 2 years ago with Ray looking for other investors to drill another well, and yada yada, we've all been here.
Story is not over, but does anyone even want to bother with the end?
This not going anywhere for a long long long time
if anyone still in I think it's best to move on and make money elsewhere
Company would have made a lot of money if they were in oil repellent business instead , lol
How long it will take to get any results from drilling a potential new well , another year?
I care.
Thank you.
10-K is out if anybody cares... And now the 10-Q1 will be late.
https://www.sec.gov/Archives/edgar/data/937136/000155837017008965/hdy-20170630x10k.htm
..
Bought with the millions he has made from HDY
Indeed....he did. Not illogical to speculate that he wants to press on. If Guinea sees promise, it will proceed...
depending on the meaning of what ‘it’ .... is. RL and others in Hdyn are investors. Many if not most of us are mere speculators- like me. I’ll be speculating to the bloody end but most will not. Chinese money, crypto vapors, what have you....lots of indulgences abound in the modern markets.
Do you know how many shares he owns at this moment?
No single individual lost more on this than Ray did. He had a boatload of shares some of which he bought himself.
Beautiful!
You've been around for years and continue to be a positive force I appreciate, myself.
Additionally Ray has proven that he can bring a drilling project in on time and on budget. If Ray and our new owners present a drilling plan to the Guinea Government with a credible budget and timeline we are Guinea's best chance to discover oil or gas in a timely fashion. We have the staff and infrastructure in place to move quickly.
Remember we did hit a small zone of pay and the well log data should show some opportunity to find one of the large targets should they exist.
If we retain our rights and have the means to drill another well in the not too distant future the stock price should recover nicely. After all, if our new owners bought 40 million shares at $.15 cents they should have a huge incentive to get the stock price as high as possible. Plus the added opportunity to find oil or gas would be the icing on the cake.
I believe that Ray and the new owners may be taking this direction, imo. I must admit my deep disappointment has turned to cautious optimism.
Red
........ hmmmm, novel approach .....
I think it is plain and simple > the Chinese bought 53% because they think that there is potential to find oil or gas or both. They must believe in Ray's work and Ray's seis.
One other random thought. Does anyone think the proceeds from the 40mil shares would/could be used to pay out the guarantees to the preferred stock holders?
(ii) waiver by holders of our Series A Convertible Preferred Stock of their right of first refusal,
OK guys and gals, help me out here. I've been sitting back watching this unfold. Several scenarios seem mildly plausible but one thing keeps nagging at me. If they are looking for a reverse merger, why fork over 6Mil cash for only 53%? They could have waited a few months and picked bones, or there are surely any number of OTC listed companies in O&G with their bankruptcy papers already drawn up that could be had for a small percentage of debt.
The optimist in me keeps wondering if maybe the Chinese are still wanting into Guinea and figure better working together with (or behind the guise of) HDYN.
- Do you think they would bid on upcoming tracts?
- Do you think they would have a snowballs chance of getting one or more?
- Do think Guinea will even go ahead with taking bids in light of the Total deal?
On the other hand why would these guys want to get into exploration at all?
Guess I can sit back and see if they let us in on the plan....
Yes, undying loyalty and praise as investors lose almost every penny invested here. A big ceo bonus for all his efforts is probably in order too; am I right?
Thank you for your reasonable attitude. That's what Ray needs of us now.
I’ve thought for some time that the company would deal with the Chlnese in some way. Guess that day has come. Now we will see how how they operate up close. No other US co’s had interest. Have we seen the last chapter of the book? From Trumps trip....we’re still dealing with them....bigly.
I hope your denigration of Ray soothes the savage spirit but it does nothing for me. How one feels about the performance of any stock in his portfolio is of no importance to me as an investor. Each person here has opinions. They are not relevant when it comes to self-directed multi-stock portfolios.
Hearing put-downs of Ray speak only to an individual's disappointment. Disappointment is most often the result of unreasonable expectations. Frustration will damage community spirit and in HDYN's case it can amount to nothing more than inflicting pain onto others.
Close only counts in horse shoes and hand grenades
Have faith in Ray, he can get it to zero if given a chance.
The Company intends to use the net proceeds of the stock purchase agreement to pay outstanding obligations."
Is all or part of the 6 million they may get already gone? I was under the impression they had the cash to pay recent expenses.
..
"While the stock purchase agreement provides that Ray Leonard will remain President, Chief Executive Officer and a director of the Company, and Jason Davis will remain Chief Financial Officer, they may be removed as officers by the board (subject, in the case of Mr. Leonard, to the provisions of his employment agreement), and Mr. Leonard as a director can be removed by, or not re-elected by, the stockholders in accordance with our certificate of incorporation and bylaws and Delaware law. The Company intends to use the net proceeds of the stock purchase agreement to pay outstanding obligations."
Lots of praise in the PR (like any company is going to say anything negative about their purchase, regardless of the value of the company), combined with a comfortable exit for Ray if so desired by the new majority owner.
14 cents is close to zero
I don't care if past management or new management does it, but get it done.
Or future management.
That is obviously why he is so successful. Without his leadership the s/p would be close to -0-.
Why all this fight about Ray? At this point the stock needs to survive and then recover. I don't care if past management or new management does it, but get it done.
No!
It takes many years to develop instincts common to an oil man. I remember a fellow who used to sit on the throne while supposedly working. He studied piano tuning of all things. He got nowhere, obviously.
Ray's built expertise and many important relationships along the way. He reacts to situations most of us might not even recognize as meaningful.
I am sure anyone with experience can read the reports and know as much about the area as Ray.
Could you elaborate on why you are confident that CLNG is there "to find oil"?
It is not at all clear to me- from what I can see in the on line CLNG material they are a strictly LNG related company (and private) with no previous background in the oil business (all activities related to LNG supply or conversions).
(from company mission statement- "In the future, LNG trade will be the focus of the company. In addition to supply its own customers with LNG at retail, the company also sells LNG at whole sale in the three provinces in Northeast China and the east of Inner Mongolia...")
Could envision at least 3 possibilities for their interest:
1. A straight RTO for taking CLNG onto the US public market
2. An attempt to diversify into the oil business (but why start with an extreme wildcat exploration like HDYN?)
3. Some re-purposing of HDYN- perhaps as a natural gas oriented E&P company. This would vertically expand CLNG's operations into LNG E&P
4. Some combination of 1 and 2 or 3
If it is 1 or 4 you would also expect that there would be a reverse merger with CLNG shares traded for additional HDYN shares at a very dilutive rate, after the 40M share deal closes and CLNG controls the BOD...
Ray has been thru 2 drill attempts. He knows a lot about the drilling area.
He knows the most of anyone about hdyn's drill area. 2 attempts failed, but sometime it takes more tries, plus the seis shows potential. If the Chinese are happy with the seis, then lets get going on drilling. The Chinese are investing for 1 reason >> to try to find oil, and it's not in your back yard. They must believe hdyn's area has potential.
If they want to find oil, how will Ray help. He has not been able to find oil in 20 years.
I could not agree with you more!
I believe they will keep Ray, because of all his knowledge, influence, and past work. The Chinese are there to find oil. I wouldn't be surprised if in the near future, hdyn announces an aggressive drilling plan - such as 3 or 4 well attempts. The Chinese pockets are a lot deeper than hdyn's pockets have been in the last few years. Money will talk, and hope the Chinese will start 'talking' !!
Followers
|
195
|
Posters
|
|
Posts (Today)
|
0
|
Posts (Total)
|
21090
|
Created
|
05/04/05
|
Type
|
Free
|
Moderators |
Latest News
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.
http://investors.hyperdynamics.com/releasedetail.cfm?ReleaseID=1039663
Website
Management Team
http://investors.hyperdynamics.com/management.cfm
Board of Directors
http://investors.hyperdynamics.com/directors.cfm
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."
About Hyperdynamics
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.
Contacts:
Ray Leonard
President and Chief Executive Officer
713-353-9445
Anne Pearson / Jack Lascar
Dennard-Lascar Associates
713-529-6600
Concession Area: Offshore Republic of Guinea, West Africa | ||||||
|
Location Information | ||||||||||||||
|
|
| Transfer Agent | |
| American Stock Transfer & Trust Company, LLC. 6201 15th Avenue Brooklyn, NY 11219 Phone: 1-800-937-5449 www.amstock.com |
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |