Hyperdynamics Corporation (NYSE: HDY) announced the results of a resource evaluation conducted by Netherland Sewell and Associates Inc. (NSAI) of the Company's oil and gas concession offshore Republic of Guinea.
NSAI, a leading provider of reserve audits and exploration resource assessments, conducted a three-month assessment of the prospective oil resources in selected prospects in Hyperdynamics' concession offshore Guinea that resulted in a total of "Best Estimates" for all assessed prospects and leads of 2.3 billion barrels of recoverable unrisked prospective oil resources.
The NSAI evaluation focused on the area currently being evaluated by the 3,635-square-kilometer 3D survey under contract with Petroleum Geo-Services (PGS) of Norway. Further resource potential is anticipated on the remainder of the 25,000-square-kilometer concession with future work.
"We find the assessment by an independent engineering firm encouraging and a confirmation of our own analyses to date," said Hyperdynamics' President and CEO Ray Leonard. "We believe the concession has the potential of being a petroleum province in its own right that will support a multi-well exploration drilling program. We are doing the detailed 3D seismic program at present that will help us select the site for the first well, and we look forward to spudding the well by year-end 2011."
Hyperdynamics operates the concession with a 77 percent participating interest, with the remaining 23 percent held by Aberdeen-based Dana Petroleum plc.