Guinea’s Fatala-1 Fails to Find Hydrocarbons

Guinea’s Fatala-1 Fails to Find Hydrocarbons
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Hyperdynamics Corp. and its partner Sapetro recorded a disapointment with the drilling of the Fatala-1 well offshore Guinea. The well reached total depth without encountering any hydrocarbons.

The Fatala-1 was drilled in 2,897 meters of water and reached a total depth of 5,117 meters below sea level. The well encountered a 75-meter-thick Cenomanian sedimentary channel sequence, but it contained predominantly siltstone and clays with no hydrocarbon shows. The well will be plugged and abandoned.

“We are very disappointed at the results of Fatala-1, considering the extremely promising geophysical data on the prospect,” said Ray Leonard, Hyperdynamics’ President and CEO.

“Hyperdynamics and our 50% partner in the well, Sapetro, currently hold rights to the Guinea concession through September 21, 2017.  In the very near future, we will be studying the results of the well and evaluating any future options we may have for further activity in Guinea.

“Fatala-1 was the deepest-water well ever drilled offshore Africa, and I’m pleased to say that it was drilled safely and within expected budget,” Leonard added.

Hyperdynamics’ share price has dropped close to 95% on word of the Fatala-1 results.

Source: Petroleum Africa 

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