Hyperdynamics has received the results of a new resource evaluation conducted by Netherland, Sewell & Associates (NSAI) for the deepwater portion of its oil and gas concession offshore Guinea.

NSAI conducted an assessment of prospective recoverable oil resources in deepwater leads that produced 3.7 billion barrels of potentially recoverable unrisked prospective oil resources.

Based on risk factors for each of the seven leads, the risked resources are estimated to be about 400 million barrels of oil.

The evaluation covered the deeper water area that was evaluated by the 2D survey conducted for Hyperdynamics in late 2009.

The new estimate adds to the 2.3 billion barrels of potentially recoverable unrisked prospective resources in shallower water.

Hyperdynamics president and CEO Ray Leonard said that the additional review and assessment by NSAI confirms its analysis of the potential prospectivity of the concession.

The firm plans to drill its first exploration well in the fourth quarter of 2011.