|There's been a leak...Hyperdynamics Encounters Oil Shows in Sabu-1 Well Offshore Guinea-Conakry |
HOUSTON, Feb. 15, 2012 /PRNewswire via COMTEX/ -- Hyperdynamics Corporation (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 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
Anne Pearson, Sr. Vice President