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Hyperdynamics Completes Drilling of Sabu-1 Well Offshore Guinea-Conakry

 
 

Company Awaiting Results of Final Tests

HOUSTON, Feb. 13, 2012 /PRNewswire/ -- Hyperdynamics Corporation (NYSE: HDY) today announced it has completed the drilling of the Sabu-1 exploration well on its concession offshore Guinea-Conakry.  The Sabu-1 well was drilled to a depth of 11,844 feet in a water depth of 2,329 feet. Results of real-time hydrocarbon chromatograph measurements and Schlumberger petrophysical wireline analysis warranted collection of downhole fluid samples. These samples, together with sidewall cores taken, are being sent to Core Lab for analysis. 

The Sabu-1 is the first exploration well drilled by Hyperdynamics in its Guinea concession, and the first deep water test in the offshore Guinea basin.

In January 2012, a 4,000-square-kilometer 3D survey covering the turbidite fan play in the most prospective deep water portion of the concession using the Oceanic Endeavour (CGGVeritas) was completed for Hyperdynamics, and it is currently being processed.

The Jasper Explorer rig used in the drilling of the Sabu-1 well will be released following demobilization.  Hyperdynamics will be incorporating the results of the well, along with the interpretation of the newly acquired 3D seismic, in order to plan the subsequent drilling program in consultation with Dana Petroleum and the government of Guinea.

In addition, the completion of the drilling of the Sabu-1 well and the 3D seismic program fully satisfies the Company's obligations for the second phase of the offshore license for the period covering September 2010 through September 2013.

Hyperdynamics operates the Guinea concession with a 77% interest. Aberdeen-based Dana Petroleum holds the remaining 23% interest.

About Hyperdynamics

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 www.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.

HDY-IR

Contacts:  

Dennard Rupp Gray & Lascar, LLC

 

Ken Dennard, Managing Partner

 

Jack Lascar, Partner

 

(713) 529-6600

 

Anne Pearson, Sr. Vice President

 

(210) 408-6321

SOURCE Hyperdynamics Corporation

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RELATED LINKS
http://www.hyperdynamics.com