Hyperdynamics Corporation 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 1,544-square-mile (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 rig Jasper Explorer (DW drillship) 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 percent interest. Aberdeen-based Dana Petroleum holds the remaining 23 percent interest.
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