Given that the drill PR stated very clearly that there was no presence of hydrocarbons, and given that an oil discovery was required in order to activate the appraisal period, in reality what exactly is there left to bet on?
Hyperdynamics Announces Fatala-1 Exploration Well Did Not Encounter Hydrocarbons
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.
