Petroleum Africa
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Tuesday, March 15, 2011
Hyperdynamics Corp. has released the results of a new resource evaluation conducted by Netherland, Sewell & Associates, Inc. (NSAI) on the deep water portion of its block offshore Guinea.
NSAI 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.
NSAI’s evaluation focused on the deeper water area evaluated by the 2D survey conducted 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 Hyperdynamics in September 2010. The data from a 3,635 sq km 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.”
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