Hyperdynamics Pleased with Resource Evaluation Results on Deepwater Block Offshore Guinea
Hyperdynamics Corporation today announced the results of a new resource evaluation conducted by Netherland, Sewell & Associates, Inc. (NSAI) on the deep water portion of the Company’s oil and gas concession offshore Republic of Guinea.
NSAI, an independent engineering firm and provider of reserve audits and exploration resource assessments, conducted an assessment of the prospective recoverable oil resources in selected deep water leads that resulted in an aggregate of “Best Estimates” for all assessed leads of 3.7 billion barrels of potentially recoverable unrisked prospective oil resources. Applying the risk factors assigned by NSAI to the “Best Estimates” of each of the seven leads, the risked resources are approximately 400 million barrels of oil.
The NSAI evaluation focused on the deeper water area evaluated by the 2D survey conducted for the Company in late 2009 by Bergen Oilfield Services. This resource estimate is in addition to the estimate of an aggregate of 2.3 billion barrels of potentially recoverable unrisked prospective resources (approximately 350 million barrels of oil risked) on the area in shallower water that was evaluated by NSAI for the Company in September 2010. The data from a 3,635-square-kilometer 3D survey shot by PGS of the shallower water in late 2010 is currently being processed and interpreted by the Company.
“We find the additional review and assessment by NSAI encouraging and a confirmation of our analysis of the potential prospectivity of the concession,” said Hyperdynamics’ President and CEO Ray Leonard. “The significant prospective resources in the deep water will need to be taken into account in our evolving exploration program. We still plan to spud our first exploration well in the fourth quarter of 2011.”
Hyperdynamics operates the concession with a 77 percent participating interest, with the remaining 23 percent held by Aberdeen-based Dana Petroleum plc.
Prospective resources are those quantities of petroleum which are estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. The prospective resources included in the NSAI report are leads and indicate exploration opportunities and development potential in the event a petroleum discovery is made. They should not be construed as reserves or contingent resources.
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.
Source: Hyperdynamics, March 14, 2011;