Hyperdynamics and GlobalSantaFe Begin Mission to Guinea


Hyperdynamics, the oil and gas exploration and production company, today announced that its reconnaissance trip to the Republic of Guinea is underway in conjunction with GlobalSantaFe International Drilling, Inc.

The joint team from the two companies is meeting with business leaders and government officials in Guinea to solidify plans for Hyperdynamics' drilling program, including an evaluation of the drilling infrastructure, port facilities, support services and the offshore operating environment.

"This trip represents a key milestone for our drilling plans," said Hyperdynamics' Executive Vice President Harry Briers. "GlobalSantaFe is an internationally recognized leader in this arena, and the results of the inquiry will pave the way for our exploration under the new agreement with the Republic of Guinea."

The reconnaissance trip addresses the following issues critical to the drilling program:

--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);
--Finalizing project management structure (signing contract); and
--Beginning drilling operations (mobilization; spudding the well and drilling; primary log; evaluation; plugging/casing/testing options; demobilizing all equipment).

Hyperdynamics recently signed a new agreement with the Republic of Guinea to explore a 33,000 square mile offshore area, one of the world's largest under-explored regions 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.

GlobalSantaFe International Drilling, Inc. is the world's largest provider of turnkey drilling and related engineering and management services. GlobalSantaFe International Drilling is a wholly owned subsidiary of GlobalSantaFe Corporation, a leading offshore oil and gas drilling contractor that operates a mobile fleet of marine drilling rigs in major drilling regions around the world.