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Shares of Hyperdynamics
HDY are seeing much weakness after the company reported oil discoveries which did not thrill investors.
Yesterday, Hyperdynamics announced that the Hyperdynamics-operated Sabu-1 exploration well reached the planned total depth of 11,844 feet in a water depth of 2,329 feet, approximately 90 miles southwest of Conakry, Guinea.
Petrophysical analysis of electric logs indicates the presence of hydrocarbons in non-commercial concentrations in multiple layers of sandstones distributed throughout a 1,300-foot interval of Santonian to Turonian age sediments.
Currenly, shares of Hyperdynamics are trading about 45% lower, at $1.14.
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