Hyperdynamics Encounters Delays at Sabu-1

Hyperdynamics Corporation announced the Sabu-1 exploration well offshore Republic of Guinea was drilled to a total subsea depth of 7,296 feet (2,224 meters), putting the well near the top of Cretaceous age sediments, and that the next string of 13-3/8 inch casing was successfully set. Following retesting of the blowout preventer, the well was drilled to a depth of 7,559 feet (2,304 meters). Drilling equipment problems were encountered, and drilling has been suspended while repairs are made to the Jasper Explorer (DW drillship). The delay is estimated to be approximately one week.

Hyperdynamics expects to test prospective upper Cretaceous sandstone reservoirs while it drills the Sabu-1 well to a total subsea depth of about 11,811 feet (3,600 meters).

Hyperdynamics also announced that the CGGVeritas Ocean Endeavour (high capacity 3D seismic vessel) has completed acquisition of the 1,544 square miles (4,000 square kilometer) 3D seismic program in the deeper water portion of its concession offshore Guinea. Processing of the 3D data set is in progress, with the first preliminary time section results expected in March 2012.

Hyperdynamics operates the Guinea concession with a 77 percent participating interest, with the remaining 23 percent held by Aberdeen-based Dana Petroleum, a wholly owned subsidiary of the Korean National Oil Company. The well is operated through AGR, a well management company.

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