Hyperdynamics Plummets 33% after Poor Oil Discovery

Shares of Hyperdynamics

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.