HyperDynamics Corp. (OTCQX: HDYN) is engaged as an independent oil & gas company. Shares of the energy producer are rallying 13.79%, through afternoon trading on Monday, August 28, 2017. Over the past month, HyperDynamics Corp. has seen average daily volume of 41,384 shares. However, volume of 72,055 shares or dollar volume of $118,907, has already exchanged hands on the day.
Shares of HyperDynamics Corp. are gaining today, after the company provided a detailed update on the drilling progress at the Fatala-1 offshore oil well, which is located off the coast of the Republic of Guinea. Management is pleased with the current progress and believes that the final drilling stage will allow the company to tap into hydrocarbon deposits. Here is the full press release detailing of the drilling progress:
HyperDynamics Corp. Press Release:
HOUSTON, Aug. 28, 2017 /PRNewswire/ — HyperDynamics Corp. (OTCQX: HDYN) today provided an additional update on the drilling status on the Fatala-1 exploration well offshore the Republic of Guinea.
- The BOP stack was lowered onto the sea floor and latched on to the 20-inch wellhead housing and was fully pressure and function tested before drilling out the 20-inch casing shoe.
- The casing shoe was drilled out and a formation integrity test was run. The results of this test provided further positive confirmation that the geologic model being utilized in the well planning and design is accurate.
- The drilling of the 17½ inch hole has progressed to 4,270 meters total depth, or about 1,370 meters below mudline effective 6 AM CSTtoday on the way to an estimated depth of 4,545 meters, where the 13-3/8-inch casing will be set above the potentially hydrocarbon-bearing interval at a total depth of approximately 4,900 meters.
- Background gas levels for the Paleocene and Upper Cretaceous sections have been consistently approximately 200% of the level encountered in the equivalent section of the nearby Sabu 1 well, completed in 2012 by Hyperdynamics, supporting the geophysical interpretation by eSeis of a gas cloud overlying the prospect.
“I’m pleased with our excellent operational progress as well as with early indications that support the geophysical model of the prospect. I am also happy to report that we are finished with the top portion of the Fatala-1 well, which is the deepest water well ever drilled offshore Africa,” said Ray Leonard, President and Chief Executive Officer of HyperDynamics Corp.
“In the final drilling stage, we will drill the 12-1/4 inch hole through the interval that we believe holds the potential for a world-class hydrocarbon discovery,” he said.
Leonard added, “HyperDynamics operational team has relocated to Conakry in Guinea for this crucial last portion of the well operations and is not affected by the current devastating storm in Houston. We are making all efforts to ensure the safety of our Houston staff and send our prayers and best wishes to the people of Houston and the surrounding areas in this difficult time.”
Hyperdynamics is the operator and a 50-50 partner in this exploration project with SAPETRO, an African focused privately held oil and gas exploration and production company with a portfolio of high-quality assets in West and East Africa.
About HyperDynamics Corp.
HyperDynamics Corp. is an emerging independent oil and gas exploration company that is exploring for oil and gas offshore the Republic of Guinea in West Africa. To find out more, visit our website at www.hyperdynamics.com.
Forward Looking Statements
This News Release contains “forward-looking statements” within the meaning of Section 27 A of the Securities Act of 1933, as amended, and Section 21 E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements concerning plans, objectives, goals, strategies, expectations, future events or performance and underlying assumptions and other statements which are other than statements of historical facts. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “plan,” “project,” “anticipate,” “estimate,” “believe,” or ” think.” Forward-looking statements involve risks and uncertainties which could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. We assume no duty to update or revise our forward-looking statements based on changes in plans or expectations or otherwise.