Emerging oil and gas company Hyperdynamics (NYSE Amex: HDY) has, from the results of a resource evaluation, uncovered leads of 2.3 billion barrels of recoverable unrisked prospective oil resources at its oil and gas concession offshore of the Republic of Guinea in West Africa.
The evaluation, conducted by engineering firm Netherland Sewell and Associates (NSAI), was a three-month assessment of the prospective oil resources in selected prospects, and focused on the area currently being evaluated by the 3,635-square-kilometer 3D survey under contract with Petroleum Geo-Services of Norway.
The company anticipates further work on the remainder of the 25,000-square-kilometer concession to uncover further resource potential.
"We believe the concession has the potential of being a petroleum province in its own right that will support a multi-well exploration drilling program. We are doing the detailed 3D seismic program at present that will help us select the site for the first well, and we look forward to spudding the well by year-end 2011," said president and CEO Ray Leonard.
Hyperdynamics has a 77% stake in the concession, with the remaining 23% held by Aberdeen-based Dana Petroleum.
The company was up nearly 22% on the back of the news to $1.75 as of 11:50am ET on the Amex in New York on Wednesday.