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Hyperdynamics Corporation announced an operational update of the Sabu-1 exploration well in its concession offshore the Republic of Guinea. The Sabu-1 exploration well has drilled to its current depth of 1,440 meters, which we discussed in our operational update on November 9th. Since that update, the 20-inch casing has been set, and there have been several mechanical and operational issues that have curtailed drilling activities. We believe the issues are being resolved and we expect resumption of drilling activities in approximately 10 days.
Ray Leonard, Hyperdynamics President and CEO, commented, "Although these repairs have delayed the Sabu-1, they are necessary for the safe and efficient completion of the well. We look forward to the results of our first exploration well in the New Year."
Hyperdynamics operates the Guinea concession with a 77 percent participating interest, with the remaining 23 percent held by Aberdeen-based Dana Petroleum, a wholly owned subsidiary of the Korean National Oil Company. The well is operated through AGR, a well management company.
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