Hyperdynamics Completes Contract Negotiations with Guinea

Hyperdynamics has completed negotiations for a new production sharing agreement and has realized major progress working through the democratic process in Guinea.

Recently, the new Minister of the Mines and Geology Dr. Ousmane Sylla, in a meeting with the company's Executive Vice President Harry Briers, agreed that negotiations for a new 2006 production sharing contract were completed. Sylla expressed full support of the new agreement and stated that he is ready to sign it. Simultaneously, Hyperdynamics' executives have held key meetings with many of the ministers of the president's cabinet, as well as the President of the National Assembly Elhadj Aboubacar Sompare. In a filmed meeting, Sompare gave his full support for the newly negotiated PSA, and expressed an anxious willingness to move it quickly through the National Assembly affirmation process that would result in legislation endorsing the new PSA.

When asked to comment, Kent Watts, CEO, said, "While we had expected to announce the signing of a new contract by now, we indeed have realized major progress. With the help of U.S. Ambassador Jackson McDonald and our talented professional team, the support of the many influential ministers, and the support of the National Assembly, I can see no other viable democratic outcome than a fully executed agreement."