Hyperdynamics' Guinea Consortium Provides Notice of Intent to Extend Second
Exploration Period for an Additional 3 Years
Identifies blocks to be relinquished to the Republic of Guinea
HOUSTON, Aug. 5, 2013
HOUSTON, Aug. 5, 2013 /PRNewswire/ --Hyperdynamics Corporation (NYSE: HDY)
announced today that Tullow Oil Guinea Ltd. has formally notified the Republic
of Guinea, on behalf of the consortium that is exploring for oil offshore
Guinea, of its intent to elect to extend the Second Exploration Period for an
additional three years, as provided for under the terms of its existing
Production Sharing Contract (PSC).
During the three-year extension of the Second Exploration Period – which
extends through September 21, 2016 – the consortium will be required to drill
one exploration well to a minimum depth of 2,500 meters below the seabed.
Tullow Oil, the concession's operator, plans to spud the next exploration well
– a deep water fan prospect – in the first quarter of 2014. Also, as part of
the requirements under the PSC, the consortium will relinquish 25 percent of
the remaining concession area back to the government of Guinea on September
"This three-year renewal is a key step in advancing our ongoing exploration
program offshore Guinea," said Ray Leonard, President and Chief Executive
Officer of Hyperdynamics. "As the new operator, Tullow is making strong
progress in leading the development of our work plan for the next exploration
well. Tullow has committed to the project a high-quality deep water drilling
rig, and we look forward to testing a high-potential deepwater prospect
offshore Guinea sometime early next year," he added.
Hyperdynamics holds a 37 percent non-operated working interest in the offshore
Guinea exploration project. Tullow Oil, the operator, holds a 40 percent
working interest, and Dana Petroleum holds a 23 percent working interest.
Hyperdynamics is an emerging independent oil and gas exploration and
production company that is exploring for oil and gas offshore the Republic of
Guinea in West Africa. To find out more, visit our website at
Forward Looking Statements
This news release and the Company's website referenced in this news release
contain forward looking statements regarding Hyperdynamics Corporation's
future plans and expected performance that are based on assumptions the
Company believes to be reasonable. Statements that include the words
"believes," "expects," "anticipates," "intends," "projects," "estimates,"
"plans," and similar expressions or future or conditional verbs such as
"will," "should," "would," "may" and "could" are generally forward-looking in
nature and not historical facts. A number of risks and uncertainties could
cause actual results to differ materially from these statements, including
without limitation, funding and exploration efforts, fluctuations in oil and
gas prices and other risk factors described from time to time in the Company's
reports filed with the SEC. The Company undertakes no obligation to publicly
update these forward looking statements to reflect events or circumstances
that occur after the issuance of this news release or to reflect any change in
the Company's expectations with respect to these forward looking statements.
Contacts: Dennard-Lascar Associates
Anne Pearson, email@example.com
Press spacebar to pause and continue. Press esc to stop.