Hyperdynamics Encounters Oil Shows in Sabu-1 Well Offshore Guinea-Conakry
HOUSTON, Feb. 15, 2012 /PRNewswire/ — Hyperdynamics Corporation (NYSE: HDY) today announced that the Hyperdynamics-operated Sabu-1 exploration well reached the planned total depth of 11,844 feet in a water depth of 2,329 feet, approximately 90 miles southwest of Conakry, Guinea. The well encountered oil shows while drilling the targeted Upper Cretaceous section. Petrophysical analysis of electric logs indicates the presence of hydrocarbons in non-commercial concentrations in multiple layers of sandstones distributed throughout a 1,300-foot interval of Santonian to Turonian age sediments. The indicated oil saturation appears to be residual, suggesting that larger volumes of oil formerly were present in the reservoirs but subsequently leaked out or that these rocks lay on a hydrocarbon migration pathway.
“The Sabu-1 results provide evidence that hydrocarbon generation has taken place in the basin and enhances the prospectivity of our 9,650-square-mile concession, one of the largest in West Africa,” commented Ray Leonard, Hyperdynamics’ President and Chief Executive Officer. “The oil and sandstone reservoirs encountered in the Santonian and Turonian age sediments in the well are particularly encouraging in the development of the turbidite fan plays further down dip on the concession.”
Hyperdynamics will be incorporating the results of the well, along with the interpretation of the newly acquired 4,000-square-kilometer 3D seismic survey that is currently being processed, in order to plan the subsequent drilling program in consultation with Dana Petroleum and the government of Guinea.
Hyperdynamics operates the Guinea concession with a 77% interest. Aberdeen-based Dana Petroleum holds the remaining 23% interest.
Hyperdynamics is an emerging independent oil and gas exploration and production 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.
Forward Looking Statements
This news release and the Company’s website referenced in this news release contain forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding Hyperdynamics Corporation’s future plans and expected performance that are based on assumptions the Company believes to be reasonable. Statements preceded by, followed by or that otherwise include the words “believes”, “expects”, “anticipates”, “intends”, “projects”, “estimates”, “plans”, “may increase”, “may result”, “will result”, “may fluctuate” and similar expressions or future or conditional verbs such as “will”, “should”, “would”, “may” and “could” are generally forward-looking in nature and not historical facts. A number of risks and uncertainties could cause actual results to differ materially from these statements, including without limitation, funding and exploration efforts, fluctuations in oil and gas prices and other risk factors described from time to time in the Company’s reports filed with the SEC, including the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2011. The Company undertakes no obligation to publicly update these forward looking statements to reflect events or circumstances that occur after the issuance of this news release or to reflect any change in the Company’s expectations with respect to these forward looking statements.
Contacts: Dennard Rupp Gray & Lascar, LLC Ken Dennard, Managing Partner Jack Lascar, Partner (713) 529-6600 Anne Pearson, Sr. Vice President (210) 408-6321
SOURCE Hyperdynamics Corporation