Hyperdynamics: Sabu-1 well, offshore Guinea, update

Hyperdynamics_Sabu-1Hyperdynamics' Sabu-1 well has reached the planned total depth of 3,610m. The Hyperdynamics Corporation-operated Sabu-1 exploration well has reached the planned total depth of 3,610 m in a water depth of 710 m

The well, which is approximately 145 km southwest of Conakry, Guinea, encountered oil shows while drilling the targeted Upper Cretaceous section. Petrophysical analysis of electric logs indicates the presence of hydrocarbons in non-commercial concentrations in multiple layers of sandstones distributed throughout a 400 m interval of Santonian to Turonian age sediments. The indicated oil saturation appears to be residual, suggesting that larger volumes of oil formerly were present in the reservoirs but subsequently leaked out or that these rocks lay on a hydrocarbon migration pathway.

"The Sabu-1 results provide evidence that hydrocarbon generation has taken place in the basin and enhances the prospectivity of our 9,650 square mile [25,000 sq km] concession, one of the largest in West Africa," said Ray Leonard, Hyperdynamics' President and Chief Executive Officer. "The oil and sandstone reservoirs encountered in the Santonian and Turonian age sediments in the well are particularly encouraging in the development of the turbidite fan plays further down dip on the concession."

Hyperdynamics will be incorporating the results of the well, along with the interpretation of the newly acquired 4,000 sq km 3D seismic survey that is currently being processed, in order to plan the subsequent drilling program in consultation with Dana Petroleum and the government of Guinea. Hyperdynamics operates the Guinea concession with a 77 per cent interest. Aberdeen-based Dana Petroleum holds the remaining 23 per cent interest.

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