Hyperdynamics Corp. received an updated exploration risk assessment of its top two drilling prospects offshore Guinea, that materially increases the probability of exploration success for both.
The improved risk assessment follows the reprocessing of 3D seismic data by specialty processor eSeis, Inc. covering the Fatala 1 and Buried Hill 1 deepwater prospects offshore Guinea using a more advanced technology that produced clearer images of the geologic characteristics of the projects.
Based on this enhanced imaging, Netherland, Sewell & Associates, Inc., (NSAI) a provider of reserve audits and resource assessments, upgraded its opinion of the probability of success for the Fatala 1 prospect from 25% to 31%, and it increased the probability of success for the Buried Hill 1 prospect from 20% to 24%.
Using standard industry methodology, NSAI noted that both prospects represent "low risk exploration."
"We are delighted with the results of this latest evaluation of our top Guinea prospects which lay in a largely untested basin offshore West Africa," said Hyperdynamics president and CEO Ray Leonard. "De-risking drilling prospects as much as possible is a critical part of the exploration process, and the reprocessing work eSeis conducted produced a much more coherent and cleaner 3D seismic view that suggests direct evidence of hydrocarbons, good quality sandstones and effective trapping seals."
NSAI's most recent estimate dated April 2016 of the prospective resource potential of all drilling prospects and leads in Hyperdynamics 5000sq km concession area estimates the presence of 4.8 billion bbl of recoverable hydrocarbon resources. This includes more than 2 billion bbl of recoverable resources in prospects with a 20% chance of success or higher.
Map of West Africa, from Hyperdynamics.
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