Hyperdynamics Still Mulling over JV Partner to Explore Offshore Guinea

Hyperdynamics Corporation has announced that in the last few months it has been presenting an increasing number of in-depth technical presentations to interested potential joint venture and financial partners. The Company has recently presented to four different independent exploration and production companies, three national oil companies (NOCs), and two potential financial partner firms. Hyperdynamics is now following up with over two dozen potential partners so far that have expressed serious interest in participation.

When asked to comment, Kent Watts, the Company's Chief Executive said, "Our drilling targets with the most significant volumetric calculations for potential world class reserves reside along the transform margin of the shelf-slope complex in our concession. These targets have water depths that range from 1,000 to 2,500 meters. While we have targets in the shallower areas of the concession, the largest reserve potential at this time appears to be along this shelf-slope region.

" Industry practice will typically dictate the alliance of partners to spread the cost of drilling these type prospects. However, with the potential we have, the estimated returns are more than commensurate."

He went on to say, "In recent months, our international business attorneys at Patton Boggs have broadened their scope and are supporting our efforts to attract partners. Interest to date has been strong with joint venture activity."