Hyperdynamics Finds Oil Traces Offshore Guinea

Hyperdynamics Corporation  yesterday 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.

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Offshore Energy Today Staff, February 16, 2012