Hyperdynamics Corp (HDYNQ)

[tdbowieknife]

That info is wrong. They found no oil in the targeted zone they were drilling too. They were looking for around 75 meters of pay in that zone but instead found nothing. The did find 5 meters of oil bearing sand with some oil in it above the targeted zone. Not nearly enough to be commercial. This five-meter sand has an average porosity of 17% and a hydrocarbon saturation of 61%... the targeted zone. That at doesn't sound like much at all to me. To see if this was a zone that could be considered a commercial find they will need to drill at least one more exploratory well to see if the zone gets any thicker. That is not going to happen any time soon. It will cost hundreds of millions of dollars that HDYN had a lot of difficulty raising for this well. Investors are nit going to be very anxious to invest another 100 million now. The concession also expires in a matter of days though there is a slim possibility of an extension that alone is not enough. There is NO money left to drill more high risk exploration wells. The drilling rig has left Guinea waters and will not be returning.