Hyperdynamics Corporation (NYSE: HDY) announced the commencement of drilling operations today at its initial exploration well in its concession offshore the Republic of Guinea. The Sabu-1 well will be drilled by the Jasper Explorer drill ship. The water depth at this location is approximately 700 meters. The target is a four-way anticline oil prospect with upper Cretaceous sands. Total well depth is anticipated to be 3,600 meters.
Sabu-1 is the first of two exploration wells planned to be drilled by the Jasper Explorer for Hyperdynamics in 2011 in the concession. The second well, Baraka-1, is scheduled to begin immediately after Sabu-1. The Jasper Explorer is an enhanced modern Pelican Class self-propelled drill ship capable of operating in water depths up to 1,524 meters. AGR Peak Well Management Ltd. is providing management services during the drilling phase of the project.
Ray Leonard, Hyperdynamics president and CEO, commented: "This is an important day for Hyperdynamics and the Republic of Guinea. We are excited to begin drilling operations and look forward to the results of the wells in the upcoming months."
Hyperdynamics operates the offshore Guinea concession with a 77 percent interest. Aberdeen-based Dana Petroleum has a 23 percent stake.
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