quality:corruption
Oil

In 2006, Guinea signed a production sharing agreement with Hyperdynamics Corporation of Houston to explore an offshore tract, and was then in partnership with Dana Petroleum PLC (Aberdeen, United Kingdom). The initial well, the Sabu-1, was scheduled to begin drilling in October 2011, at a site in approximately 700 metres of water. The Sabu-1 targeted a 4-way anticline prospect with upper Cretaceous sands, and was anticipated to be drilled to a total depth of 3,600 meters.

Following the completion of exploratory drilling in 2012, the Sabu-1 well was not deemed commercially viable. In November 2012, Hyperdynamics subsidiary SCS reached an agreement for a sale of 40% of the concession to Tullow Oil, bringing ownership shares in the Guinea offshore tract to 37% Hyperdynamics, 40% Tullow Oil, and 23% Dana Petroleum. Hyperdynamics will have until September 2016, under the current agreement, to begin drilling its next selected site, the Fatala Cenomanian turbidite fan prospect.