Hyperdynamics Corporation has completed its first drill on the newly acquired 264-acre Deville lease in the North Big Island field in Rapides Parish, Louisiana. The Company owns an 85% working interest in the lease. Together in a joint decision with the operator, Rabb Contracting LLC, the Deville et al #1 is now being completed and scheduled to move into production in the next week to ten days.
D&D drilling reached terminal depth on the well late Saturday night. The decision to complete and produce the well was based on evaluation of core and logging tests by the Company's contractor, Schlumberger, which was performed very early on Sunday morning. The company has several more targets being evaluated in this field which could be drilled at a later date.
When asked to comment, Mr. Claude Rabb, President for the Operator, Rabb Contracting LLC, stated, "On the Deville #1, we are moving to make a solid and steadily producing well and expect this to result in a noticeable increase in proven reserves."
Hyperdynamics plans to next move to the Black Hawk field in Concordia Parish, Louisiana to drill targets offset to its existing production there. It is expected that these wells will test deeper zones past 8,000 feet, become producers in one of six different potential sands, and could again add to the Company's proven reserves.
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