Hyperdynamics cheered by updated Guinea study
Netherland, Sewell & Associates, Inc. (NSAI), completed an updated resource evaluation study for Houston-based Hyperdynamics Corp.'s oil and gas concession off the Republic of Guinea, Hyperdynamics announced on 14 February 2013.
Hyperdynamics' President and CEO Ray Leonard called the assessment encouraging.
"(We) continue to see multiple prospects and play types in the concession," Leonard said. "We look forward to working with Tullow Oil as they apply their successful exploration experience on the Atlantic Margin to the evaluation of the prospects on the block."
NSAI conducted an assessment of the prospective oil resources of selected prospects on the concession following analysis of the Sabu-1 well in 2012 as well as the preliminary review of the 4,000 sq km 3-D seismic survey covering deepwater areas in the southwestern portion of its concession. This report supersedes earlier studies completed prior to the acquisition of this new well and seismic data, Hyperdynamics said.
Hyperdynamics holds 37% participating interest in the Guinea concession through its wholly-owned subsidiary SCS Corp. Ltd. Its partners on the license include Tullow Guinea Ltd. (40%) and Dana Petroleum (23%).
Hyperdynamics announced Tullow would join the concession in late November 2012. Tullow will take over as operator in April 2013.
The partnership intends to begin a drilling program to test a deepwater fan prospect by 1 April 2014