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Ray Leonard, Hyperdynamics CEO, on why his company is taking a risk and drilling off the coast of Africa.
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Drill baby drill that is what US based offshore driller hyper dynamics is planning to do off the coast of Guinea and West Africa.
And -- they say is rich in untapped commodities.
Making its nice -- debut hyper dynamic.
-- -- signed an exclusive interview from the floor of the New York Stock Exchange the ticker the same age you wise stock is up almost 5% today it looks like the New York Stock Exchange traders there are welcoming you -- Well that some hope we will continue.
We have so let's talk about the company itself you're really putting big big -- your name calling your bank.
And drilling off the coast of Africa West Africa and particular.
What do you believe that you are going to find it will reserves Actividentity that could impact the rest of the -- Well we have the largest concessions West Africa it's the equivalent 2500.
Gulf of Mexico blocks -- -- And the geology is very similar to the other areas that it recently found oil -- -- -- of course Sierra Leone and we've done detailed technical studies Sarah oil -- coming out of the edge of the basin and we've had a reserve report resource report by netherland -- one of the best resource auditors and the business that.
-- the potential for six billion barrels of oil so far we've we've done everything up to this point we've got a feeling they've signed up.
It's going to be moving next month to to Guinea and the start feeling and I don't know my questions for you search or.
Your your company -- -- have a a really great international.
Focus and is has some great momentum.
I guess my question is is is if you wouldn't mind commenting at all on May be some of the US.
Regulations -- the more -- de facto moratorium and any thoughts on that and maybe how it's helping or or how would that how it affects your business.
It's it's ironic but two years ago and we started planning this we assume that.
We would have trouble getting -- drilling rig because West Africa it was so hot and also we -- probably paying about.
950000.
Dollars a day for -- quarter -- Reagan.
And because of the moratorium in the gulf rigs are far more available and and we actually signed -- contract that.
250000.
Dollars today.
For the -- rates -- -- -- will cost of significantly dropped in the economics of increase so.
That Hillary is now why is that why you you gave up your interest in Louisiana right now -- Illinois filling -- his me.
Platforms and Louisiana that's why you walked away -- that basically.
-- actually that was sold before I became the the head -- -- -- -- out of cash available my question frequently get from.
-- the mr.
-- first congratulations.
It looks like you guys got a wonderful find out -- and it looks like the political process with the first democratic elect president December of last year.
Has subsided for now.
It doesn't look like for the balance sheet that is just pulled up on the Internet.
They've got the money to develop this entire concession so -- -- hope to prove this well first is very expensive as you say.
And -- you to raise money through some publisher issuance or through debt.
Well that -- -- -- to the heart of our strategy unlike a lot of independence that is.
-- down 2.5 or 30% interest before drilling we hung on the 77%.
We raised about a 150 million dollars at the end of march.
And we're gonna going drilling with a 77%.
Interest which to our shareholders.
We'll be huge upside because in terms of raising money -- farming down if you do once you've found oil it will be far more lucrative.
So as some people call them shot it's it's it's a high risk but it's an extremely high reward proposition let -- And if that happens if that happens now but suddenly -- well it's great to have you on the show mister Leonard and thank you again from for the exclusive interview with Fox Business -- talked to you.
Ray -- hyper dynamic.
CEO live work with.
The floor of the New York Stock Exchange for their trading today.
What may be --
