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 21, 2013.
"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.
About Hyperdynamics
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 www.hyperdynamics.com.
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.
SOURCE Hyperdynamics