HOUSTON, Aug. 2, 2017 /PRNewswire/ -- Hyperdynamics Corporation (OTCQX: HDYN) today announced that the Pacific Scirocco deep water drillship has reached its target drilling location 165 kilometers offshore the Republic of Guinea in Northwest Africa and is making final preparations to spud the Fatala-1 well later this week.
The Fatala-1 well will be drilled in approximately 2,900 meters of water to test a large turbidite fan prospect in the Transform Margin play with prospective P50 recoverable resources of 647 million barrels of oil based on a 2016 Netherland Sewell resource report.
"We expect to complete final provisioning preparations today to be ready for the actual spudding of the well no later than Friday," said Hyperdynamics' President and Chief Executive Officer Ray Leonard.
"Drilling is expected to take approximately 40 days to reach a total depth of 2,500 meters below the mud line. The next six weeks or so are going to be an extremely busy and exciting time for Hyperdynamics, as we seek to unlock what we believe is world-class oil potential from this largely untested basin offshore the Republic of Guinea in Northwest Africa."
Hyperdynamics is an emerging independent oil and gas exploration 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 contains "forward-looking statements" within the meaning of Section 27 A of the Securities Act of 1933, as amended, and Section 21 E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements concerning plans, objectives, goals, strategies, expectations, future events or performance and underlying assumptions and other statements which are other than statements of historical facts. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," "expect," "plan," "project," "anticipate," "estimate," "believe," or " think." Forward-looking statements involve risks and uncertainties which could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. We assume no duty to update or revise our forward-looking statements based on changes in plans or expectations or otherwise.
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 Netherland Sewell report indicate exploration opportunities and development potential in the event a petroleum discovery is made and should not be construed as reserves or contingent resources.
President and Chief Executive Officer
Anne Pearson / Jack Lascar