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Hyperdynamics Corp. (HDY) Announces Services and Equipment Contracts for Offshore Exploration Project in Guinea

Hyperdynamics Corp., an independent oil and gas exploration company with prospects in offshore Republic of Guinea, northwest Africa, has announced that AGR Peak Well Management Ltd. has signed contracts on behalf of the Company for materials, long-lead-time equipment, and professional services, which total approximately $12 million.

These purchases, which are contained under many separate contracts, will cover the needs of Hyperdynamics’ first two exploration wells that are planned offshore Guinea.

The majority of the purchases are inclusive of the materials that will be used in the well itself, such as the casing and piping, a wellhead, cement and drilling fluid. Other contracts will cover the logistics and various analytical services to evaluate underwater and sea floor conditions at the proposed wells.

“These contracts are an important next step in our preparations for beginning Hyperdynamics’ exploration drilling program later this year,” said Ray Leonard, the Company’s President and CEO.

“They cover the majority of the long-lead-time materials and services that we will need to drill wells one and two, and they represent the majority of equipment and services that will be used offshore. Between now and the initiation of drilling, working through AGR, we plan to engage additional contractors to move people and equipment between the drillship and shore and to secure shore-based facilities, materials and services.”

AGR, which is based in Aberdeen, Scotland, is providing for the well management support services for Hyperdynamics.

For more information on the Company and its products, visit their website at:

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