Hyperdynamics Issues Tender to Drilling Companies

HYPERDYNAMICS CORPORATION HAVE announced that AGR Petroleum Services, its well management company, issued an Invitation to Tender to drilling companies as part of its exploration programme offshore in the Republic of Guinea.

The tender covers the drilling of two wells plus an optional third well as agreed in the work programme and budget between Hyperdynamics and Dana Petroleum last year. Dana holds a 23 per cent interest in the project with Hyperdynamics holding the remaining 77 per cent as operator.

The invitation to tender has gone to a shortlist of drilling contractors, which were selected after they responded to an initial rig inquiry.

"This is the next major step in the preparations for our 2011 drilling campaign," said Ray Leonard, Hyperdynamics President and Chief Executive Officer. "Tendering for a moored semi-submersible rig will allow us to test identified prospects in various water depths with a single rig, which will result in greater economic and operational efficiency."

The contract is expected to be awarded by early April. Hyperdynamics expects to begin drilling the first well in the fourth quarter of 2011.  AGR Petroleum Services has been providing well management support to Hyperdynamics since November 30, 2010.

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