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Hyperdynamics Says Guinea Concession May Hold 2.3 Billion Barrels of Oil

September 9, 2010

Hyperdynamics Says Guinea Concession May Hold 2.3 Billion Barrels of Oil

By Eduard Gismatullin – // Sep 8, 2010 5:16 AM ET

Hyperdynamics Corp., an exploration partner with Dana Petroleum Plc in Guinea, said its concessions in the West African nation may hold about 2.3 billion barrels of prospective oil resources.

Netherland Sewell and Associates Inc. assessed assets covering an area of 3,635 square kilometers (1,403 square miles) being surveyed with Petroleum Geo-Services ASA, Houston-based Hyperdynamics said today in a statement. “Further resource potential is anticipated on the remainder of the 25,000-square- kilometer concession with future work.”

Dana Petroleum Plc, the U.K. explorer subject to a hostile takeover from Korea National Oil Corp., holds a 23 percent stake in the Guinean concession. Hyperdynamics owns the rest.

Dana Chief Executive Officer Tom Cross today said that he is “focused on driving value” for shareholders through exploration. The company said that it’s worth about 1.96 billion pounds ($3 billion), or 18 percent more than the 1,800 pence a share the state-owned Korea National offered.

Dana, based in Aberdeen, is readying to drill an exploration well in Mauritania, Cross said today on a conference call. Dana also plans to expand exploration in Africa, including in Guinea, Senegal, Egypt and Morocco, Cross said Aug. 27.

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