Hyperdynamics gets Guinea extension. Drilling set for 2017

Hyperdynamics, an oil and gas operator focused on developing its asset offshore Guinea, has signed a one-year extension to the 2006 production sharing contract with the government of Guinea.

The extension and amendments to the original PSC have yet to be approved by the decree of the country’s president to become effective.

Subject to final approval, this means that the PSC has been extended to September 22, 2017, confirming Hyperdynamics’ subsidiary SCS as the 100% interest holder and operator of the concession.

Under the extension Hyperdynamics will retain an area equivalent to approximately 5000 square kilometers in the Guinea offshore. The company has also committed to drill one exploratory well with a projected start date in April 2017 with additional wells optional.

Ray Leonard, Hyperdynamics’ President and Chief Executive Officer said: “I am pleased with the Government of Guinea’s continued support of Hyperdynamics and look forward to the opportunity to drill the Fatala well in the near future. Our efforts now shift to taking the operational steps in preparation for the drilling and in raising the required funds and/or teaming up with a partner in order to comply with the terms of the PSC Amendment.”

 

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