The ADTI study will be used in conjunction with a well design to produce an estimated project cost and a comprehensive drilling management services proposal to support a planned exploration program by Hyperdynamics under its previously announced agreement with the Republic of Guinea.
Upon the completion of ADTI's study Hyperdynamics anticipates pursuing the following drilling project milestones:
Preparation (project cost estimate and internal partner AFE approval securing yard space and a shore base; and procuring inspecting and shipping tangibles);
Identifying a rig (preparing rig specifications for tenders and evaluation of tenders, signing a rig contract);
Finalize project management structure (signing contract);
Drilling operations to begin (mobilization; spudding the well and drilling; primary log; evaluation; plugging/casing/testing options; demobilizing all equipment);
"We are moving ahead with our drilling preparation, a significant part of which is assessing all of the logistics associated with the program," said Hyperdynamics' Executive Vice President Harry Briers. "ADTI brings deep knowledge and international experience in turnkey drilling and drilling management services to this critical planning stage, and I am confident that their participation will ensure a solid foundation for our long-term success."
Hyperdynamics signed a new agreement last month with the Republic of Guinea to explore its offshore area which is one of the world's largest under-explored regions. The concession is considered to have world class potential for oil and gas discoveries based on the company's seismic analysis.
Hyperdynamics Corp. provides energy for the future by exploring and developing new and re-developing residual sources of energy worldwide. The company's internationally active oil and gas subsidiary, SCS Corp., owns rights to explore and exploit significant acreage offshore the Republic of Guinea, West Africa. HYD Resources Corp. focuses on domestic production in proven areas.
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