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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 Stocks To Buy on -
Hyperdynamics Corporation (HDY) popped late in the trading day on Friday. This is a stock that every trader should be watching but I got stopped out of my position. If HDY gets back above $1.85, I think I will get back in for a trade.
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Permalink Reply by Stocks To Buy on
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Hyperdynamics Corporation (HDY) is heating back up again, nice move higher off the lows last week
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Permalink Reply by Stocks To Buy on
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Hyperdynamics Corporation (HDY) is testing $2.00 now, this stock could really take off soon....pullbacks below $1.70 are a buy
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Permalink Reply by Stocks To Buy on
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Ok, I am back into HDY today for the long haul....going to start building a position on pullbacks....this stock is very strong and it seems the news is for real!
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Top MemberPermalink Reply by nitro on -
Do you think its still a good buy at its current price? If so what is your Target price?
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Permalink Reply by Stocks To Buy on
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Well as long as HDY holds $2.00 it is fine to buy...but I'd be selling on a break back below $2.00 or even $2.02. I'm thinking if the stock can hold $2.....it can go to $2.40-$2.60 over the next few months ( or days,weeks...who knows )
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Top MemberPermalink Reply by nitro on -
what would you suggest buying at?
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Permalink Reply by Stocks To Buy on
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I can't tell you where to buy...you have to do your own research and know your risk tolerance....we are near my target in a few hours so I will be looking to sell if it goes higher. Didn't expect it to move into the $2.30's this soon
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Permalink Reply by Stocks To Buy on
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Ok, target met, selling my HDY here....will probably go higher but want to lock in profits. Will be back on any dips
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Permalink Reply by Dow Jones SP on -
Wow Tim! You hit your target in a matter of hours lol
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Top MemberPermalink Reply by nitro on -
great pick... too bad i didnt get in. Keep them coming!
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Permalink Reply by Stocks To Buy on
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Yea the buying volume really came in...HDY ended up closing higher then I sold...oh well. I will be back if we see a dip. I think everything has now changed...pullbacks below $2 are a strong buy rather then a stopping out given the big move today
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