Guinea: Hyperdynamics claims Fatala discovery

In a last-ditch bid to hang on to the licence, Hyperdynamics is claiming its Fatala well was a discovery, despite initially announcing it had not encountered hydrocarbons. The licence was due to expire on 21 September unless a discovery was made. Nigeria’s South Atlantic Petroleum, which farmed in to the licence in March, has withdrawn, but Hyperdynamics said it would be seeking a two-year appraisal period. However the company, which struggled to find funding and partners to drill Fatala, is likely to find financing appraisal work a challenge.