Guinea : Hyperdynamics Corp. to spud Fatala-1 well by Friday

The Houston-based Hyperdynamics Corp. on Wednesday reported final preparations of the deep water drillship Pacific Scirocco to spud the Fatala-1 well later this week in Guinea, about 2,900 m of water.

The Fatala-1 well will test a large turbidite fan prospect in the Transform Margin play with prospective P50 recoverable resources of 647 million barrels of oil based on a 2016 Netherland Sewell resource report.

"We expect to complete final provisioning preparations today to be ready for the actual spudding of the well no later than Friday," Ray Leonard, Hyperdynamics’ President and CEO said.

The emerging independent oil and gas exploration company said the drillship has reached target drilling location 165 km offshore of Guinea and that drilling is expected to take approximately 40 days to reach a total depth of 2,500 m below the mud line. 

Founded in 1996, Hyperdynamics Corp. holds a 50% interest in and is the operator of a Concession covering approximately 5,000 km2 in Guinea.

In June 2017, Hyperdynamics completed a Farmout Agreement with South Atlantic Petroleum (SAPETRO) for a 50% interest in the Concession.

A Production Sharing Contract Amendment signed in September 2016 extended the term of the Concession to September 22, 2017.