Hyperdynamics Corp. on Thursday announced that the government of the Republic of Guinea has received the Company's relinquishment plan of 64% of its original offshore oil and gas contract area and its 2010-2011 work plan for the 36% it has selected to retain and explore.
The acreage selection was part of the September 2009 Memorandum of Understanding between Hyperdynamics and the government of Guinea, which enables Hyperdynamics to retain approximately 11,160 square miles of its original contract area for oil and gas exploration. The government now has the right to auction the remaining 64% to other companies, but Hyperdynamics has the right of first refusal on that acreage as well.
The relinquishment and the two-year work plan were received Wednesday, December 30 by Aboubacar Koly Kourouma, Vice Minister and General Secretary of the Ministry of Mines, Energy and Hydraulique.
"The choice of the acreage we will retain for further exploration was aided by our prospective partners, Repsol and Dana Petroleum, whose knowledge and expertise working offshore West Africa were invaluable in helping us select the best prospects," said Ray Leonard, Hyperdynamics President and Chief Executive Officer.
"The new 2-D seismic data we commissioned in the fourth quarter of 2009 -- along with an additional oil seeps study -- gave us clear indications of where the most prospective areas are located within our contract area.
"We expect to finalize our three-way agreement with Repsol and Dana and complete the review of our Production Sharing Contract with the government of Guinea in the first quarter of 2010. In the meantime, we will continue our technical work with a greater focus on specific initial targets," he added.
As part of the 2010-11 work plan, Hyperdynamics and its partners expect to conduct a 3-D seismic survey in mid-2010 covering approximately 3,000 square kilometers to identify specific drilling locations, and they expect to spud the first exploration well in late 2011.
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.
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