Hyperdynamics Guinea offshore drilling finds non-commercial oil

Offshore staff

HOUSTON – Hyperdynamics Corp.’s Sabu-1 exploration well offshore Conakry, Guinea, encountered non-commercial oil shows.

Drilled to TD of 11,844 ft (3,610 m) in 2,329 ft (710 m) of water, electric logs indicated the presence of hydrocarbons in multiple sandstone layers of the Upper Cretaceous Santonian to Turonian age sediments.

Hyperdynamics will incorporate these results with the interpretation of the newly acquired 4,000-sq km (1,544-sq mi) 3D seismic survey that is currently being processed to plan subsequent drilling.

“The Sabu-1 results provide evidence that hydrocarbon generation has taken place in the basin and enhances the prospectivity of our 9,650-sq-mi concession, one of the largest in West Africa,” commented Ray Leonard, Hyperdynamics’ president and CEO. “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 operates the Guinea concession with a 77% interest. Aberdeen-based Dana Petroleum holds the remaining 23%.

2/16/2012

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