Hyperdynamics Corp (HDYNQ)

[Rule_62]

Correct. Ray Leonard clearly stated they only need a 50m thick, well defined reservoir with good permeability for a find to be significant enough to present commercial potential with Fatala (I posted that statement in an earlier post).

That would be 50m or oil. What they claimed in the follow-up PR is 5m of undefined hydrocarbons in a section of poor permeability.

This is a well in very deep water. Development costs are off the chart for water this deep. 5m of undefined hydrocarbons (they did not call it oil for a reason) does not present as good of results as Sabu hit, and it was a bust. Plugged and abandoned.

With a drill ship still on site, if they thought those 5m were worth further investigation, they would have drilled a sidetrack well. They didn't. They plugged the well and sent the drill ship away. Pray for miracles, but don't invest more than you're prepared to lose.