Hyperdynamic issued an updated assessment of the oil and gas resource potential of its deepwater properties located offshore Africa.
Hyperdynamics received an offshore oil and gas concession from the Republic of Guinea, and has a 77% interest in a 9,650 square mile area. The company is currently conducting a 3D seismic program on the property. The results will be used to help plan an exploration and development program at the site.
Hyperdynamics said the assessment indicated that the best estimate of potentially recoverable unrisked prospective oil resources on the concession was 3.7 billion barrels. After applying risk factors, the assessment indicated that there were approximately 400 million barrels of oil on a risked resource basis.
The updated resource estimate only applies to the deepwater portion of the concession, and is in addition to the resources estimated on the shallow water portion of the property. The shallow water assessment, which was conducted in September 2010, estimated that there were 2.3 billion barrels of potentially recoverable unrisked prospective resources, or 350 million barrels of oil on a risked resource basis.
The updated resource assessment was conducted by Netherland, Sewell & Associates, Inc., an established and well respected Petroleum Engineering consulting firm used by many public companies.
For more information on the company, go www.hypd.com