Hyperdynamics Signs New Agreement with the Republic of Guinea

Hyperdynamics has signed a new agreement with The Republic of Guinea to explore one of the world's largest under-explored regions with exceptional potential for oil and gas discovery based on seismic data.

"We have a tremendous partnership with the government of the Republic of Guinea, the country's private sector and the people to locate and secure these vital natural resources," said Kent Watts, CEO, Hyperdynamics. "Our coordination with the U.S. government through the U.S. Ambassador to Guinea has been another important factor in finalizing this agreement."

The West Africa region is seen by industry experts as the world's largest growth area for oil and gas spending. A study by the UK research firm Douglas-Westwood Ltd. expected the West Africa region to show the greatest growth between this year and 2010, as worldwide spending increases from $192.9 billion to $247.5 billion during that period.

The signing occurred in Guinea's capital city, Conakry, at The Ministry of Mines and Geology. Mr. Famourou Kourouma, Vice President of Guinea Affairs executed the contract on behalf of the company. The Minister of the Mines and of the Geology, Dr. Ousmane Sylla executed the contract for Guinea.

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