Hyperdynamics Plans to Expand Exploration in Guinea

Hyperdynamics said that it plans to significantly expand its exploration efforts, adding that it is holding talks with parties interested in snatching a stake in its 16-million-acre concession offshore Guinea, West Africa.

In addition to drilling exploration wells, Hyperdynamics envisions new seismic acquisition and other exploration programs. Given today's world oil prices, coupled with growing exploration and development activities in West Africa, the company is bullish about in the Guinea acreage. The company is particularly encouraged by PremierOil's plans to drill two high-impact wells in Guinea Bissau this November. According to Hyperdynamics, Premier has also completed its 2D-seismic acquisition work in two potentially large prospects that border Hyperdynamics' concession.

"As exploration activities increase, the shortage of high-quality exploration areas becomes more critical," said Kent Watts, Hyperdynamics' CEO. "We have the largest offshore concession in West Africa. In an effort to realize a commercial discovery in our concession the fastest, in addition to our own drilling plans, we believe that working with multiple partners and projects simultaneously makes the most sense."

Watts adds that his company is evaluating contractors and signing potential partners to confidentiality agreements so that it can prepare to commence "expansive" exploration activities. "Many companies have already signed confidentiality agreements and are now meeting with us," he said.