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Hyperdynamics sticks with Guinea despite well failure, partner exit

Published 09/21/2017, 04:41 PM
Updated 09/21/2017, 04:41 PM
© Reuters.  Hyperdynamics sticks with Guinea despite well failure, partner exit
  • Hyperdynamics (OTCQX:HDYN) says its remains optimistic about its drilling program offshore Guinea despite failing to strike oil at its Fatala-1 well and the exit of its 50/50 partner South Atlantic Petroleum, which says it will assign its stake to HDYN without cost.
  • HDYN says it will ask Guinea's government for a two-year appraisal period under its oil and gas production sharing contract, as it believes its work at the Fatala prospect area "implies the presence of commercially exploitable resources."
  • This after HDYN earlier reported that the Fatala-1 well "did not yield oil shows above oil-based mud signature during drilling or from an analysis of the cuttings taken from the well."
  • Now read: Vanguard Natural Resources: Looking At Its Future Path


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