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Hyperdynamics Corporation (HDY) - Oil Reserves in Offshore Guinea
Hyperdynamics Corporation (HDY) stock is up huge today ( Up $0.35 to $1.79 ) after the company released news on potential oil reserves. HDY also hit a new 52 week high located at $1.98. Is this the next big oil stock or is this news " fluff "
I bought a small position in the stock at $1.82 today but will keep a tight stop.
Hyperdynamics Announces Results of Independent Resource Evaluation of Offshore Republic of Guinea Concession
Hyperdynamics Corporation (NYSE Amex: HDY) today announced the results of a resource evaluation conducted by Netherland Sewell and Associates Inc. (NSAI) of the Company's oil and gas concession offshore Republic of Guinea.
NSAI, a leading provider of reserve audits and exploration resource assessments, conducted a three-month assessment of the prospective oil resources in selected prospects in Hyperdynamics' concession offshore Guinea that resulted in a total of "Best Estimates" for all assessed prospects and leads of 2.3 billion barrels of recoverable unrisked prospective oil resources.
The NSAI evaluation focused on the area currently being evaluated by the 3,635-square-kilometer 3D survey under contract with Petroleum Geo-Services (PGS) of Norway. Further resource potential is anticipated on the remainder of the 25,000-square-kilometer concession with future work.
"We find the assessment by an independent engineering firm encouraging and a confirmation of our own analyses to date," said Hyperdynamics' President and CEO Ray Leonard. "We believe the concession has the potential of being a petroleum province in its own right that will support a multi- 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."
Hyperdynamics operates the concession with a 77 percent participating interest, with the remaining 23 percent held by Aberdeen-based Dana Petroleum plc.
The NSAI report is available on the Company's website, www.hyperdynamics.com.
Prospective resources are those quantities of petroleum which are estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. The prospective resources included in the NSAI report indicates exploration opportunities and development potential in the event a petroleum discovery is made and should not be construed as reserves or contingent resources.
http://investors.hyperdynamics.com/releasedetail.cfm?ReleaseID=505327
Tags: Hyperdynamics, buy, guinea, hdy, offshore, oil, reserves, stock, stocks, to
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Replies to This Discussion
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Permalink Reply by Richard on -
Ray Leonard mentioned a transformational deal which involved $10 million. I cant remember what press release but will try to find it
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Permalink Reply by Stocks To Buy on -
Is it this? " We established an office in London in 2011 to review new prospects outside of Guinea to further diversify our asset base, which may include acquiring producing properties. We have made payments of $10 million in connection with a prospective investment in oil and gas properties. We have not entered into a binding purchase agreement, and there are significant contingencies to completion of the transaction. There can be no assurance that these contingencies will be satisfied. If the transaction is not completed, these payments may not be recovered, which could adversely affect our results of operations and financial position."
It seems they are looking at other oil & gas assets
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Permalink Reply by Brad on -
Yes, and for now the deal they were looking at is not going through. I posted about it yesterday in my note about what to watch for in today's broadcast of the SHM.
Whether the earnest money will be refunded remains to be seen. He stated in Nov that any refund would be contingent on why the deal did not go through if it did in fact fall through. You can refer to the question asked at about the 26 minute mark of the Nov CC to confirm what I just wrote.
Lots of speculation on posting boards on whether the money will be returned, but no facts as of yet.
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Permalink Reply by Richard on
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Yup thats it. Just found it too. It was from the November 9 conference call.
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Permalink Reply by Stocks To Buy on
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Don't buy HDY until it breaks $1.47 or $1.50
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Top MemberPermalink Reply by Michael on -
Tim, if we want this thing go higher, somebody has to buy it first.
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Permalink Reply by Izzy S on -
just hit 1.50 Any reason for the 8% increase today. Is this just a movement with the rest of the market or leaked news? I think ill be watching HDY closely.
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Permalink Reply by Stocks To Buy on
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Just normal market fluctuations
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Permalink Reply by Stocks To Buy on
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There should be a press release out withing the next 5-7 weeks on their data findings. It could move the stock up a great deal if they say something positive. But, as always, HDY is a big risk.
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Permalink Reply by Jai Singh on
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I guess what I said in late December about the future price of this stock is coming true now. Its almost a buck now. Not very happy about it since I have always made money from it in the past. Glad I got out at @5.45 a few months ago.
Dont have any position in it right now but might buy under $1
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