Hyperdynamics Corporation (OTCQX: HDYN) ("Hyperdynamics" or the "Company"), today provided additional results from its analysis of well logs from the Fatala-1 exploration well recently drilled offshore the Republic of Guinea in Northwest Africa.
"Our immediate focus last week was a review of the Fatala-1 well log results from our targeted 75-meter-thick main channel, which unfortunately did not yield any oil shows above oil based mud signature while drilling or from an analysis of the cuttings taken from the well," said Ray Leonard, Hyperdynamics President and Chief Executive Officer.
"However, from our detailed study of the logs conducted over the last several days, we identified five meters of calculated hydrocarbons in the upper Cenomanian channel located above our main target formation. This five-meter sand has an average porosity of 17% and a hydrocarbon saturation of 61%. A minor background gas increase was also observed while drilling through this interval. A review by eSeis, our independent geophysical and petrophysical consultant, concurred with our findings.
"These results are technical calculations, and the thickness, porosity and saturation characteristics from this zone does not by itself make Fatala a commercially developable project, but we believe it could be an encouraging sign for the hydrocarbon potential of the offshore Guinea shelf," he added.
"Over the next few days, we plan to hold further discussions with our 50% partner SAPETRO and with the Guinea government to determine any future options we may have for further activity in Guinea taking into account this additional information," Leonard said.