Posted by: africanpressorganization | 9 August 2010

Hyperdynamics to Launch 3-D Seismic Survey Offshore Guinea / Republic of Guinea’s Prime Minister and Other Local and International Dignitaries on Hand for the Sendoff.

 

Hyperdynamics to Launch 3-D Seismic Survey Offshore Guinea / Republic of Guinea’s Prime Minister and Other Local and International Dignitaries on Hand for the Sendoff.

 

HOUSTON and CONAKRY, Republic of Guinea, August 9, 2010 /PRNewswire/ — Hyperdynamics Corporation (NYSE Amex: HDY) celebrated the launching last week from the Port of Conakry – Guinea’s capital – of the seismic vessel Ramform Challenger, which is scheduled to shoot the 3-D seismic program on the Company’s oil and gas exploration concession area.

The Republic of Guinea’s Prime Minister, Jean-Marie Dore; Minister of Transportation Gen. Mathurin Bangoura; Vice Minister of Mines and Geology Aboubacar Koly Kourouma; and approximately 200 other members of the Guinean government, diplomatic corps and visitors attended the send-off ceremony as the vessel was preparing to deploy offshore to begin conducting this week a 3,635-square-kilometer 3-D seismic survey for Hyperdynamics.

This is the first 3-D survey to be acquired offshore Guinea. The seismic data will be acquired over two separate portions of the contract area that were identified as being the most prospective based on results from earlier 2D survey work.

“The 3-D survey represents the final step in our technical program to acquire the detailed images of the prospects we need to select the location for our first exploration well to be drilled in late 2011,” said Hyperdynamics’ President and CEO Ray Leonard. “We believe these blocks hold the potential for world-class oil discoveries.”

Speaking during the ceremony, Famourou Kourouma, Hyperdynamics’ Vice President of African Affairs based in Conakry, said, “We are gathered here today to mark a big step in our exploration program to discover petroleum oil in Guinea. We want to reiterate that our company will put a work program in place that will be deserving of your invaluable trust as well as that of the people of Guinea.”

Added Mike Palmer, Hyperdynamics’ Vice President of Operations based in Houston, “Hyperdynamics understands how important this project is to the Republic of Guinea. We intend to remain a good partner for this country and do our best to work with the government of Guinea to improve the lives of the Guinean citizens.”

Petroleum Geo-Services (PGS) of Norway is under contract with Hyperdynamics both to acquire and process the seismic data. The Ramform Challenger, equipped with the latest GeoStreamer(R) dual sensor technology, will spend several days at the survey areas approximately 125 kilometers offshore conducting calibration procedures and other preparations before the actual data acquisition begins this week.

The acquisition work is expected to take approximately 13 weeks, and processing should take an additional 25 weeks to complete, with initial results available within 10 weeks. Hyperdynamics’ evaluation of the processed data is expected to begin in the first quarter of 2011.

Onshore support for the 3-D project will be provided by Hyperdynamics’ office located in Conakry.

About Hyperdynamics

Hyperdynamics is an emerging independent oil and gas exploration and production company that is exploring for oil and gas offshore the Republic of Guinea in West Africa. To find out more, visit our website at http://www.hyperdynamics.com.

Forward Looking Statements

This news release and the Company’s website referenced in this news release contain forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding Hyperdynamics Corporation’s future plans and expected performance that are based on assumptions the Company believes to be reasonable. Statements preceded by, followed by or that otherwise include the words “believes”, “expects”, “anticipates”, “intends”, “projects”, “estimates”, “plans”, “may increase”, “may result”, “will result”, “may fluctuate” and similar expressions or future or conditional verbs such as “will”, “should”, “would”, “may” and “could” are generally forward-looking in nature and not historical facts. A number of risks and uncertainties could cause actual results to differ materially from these statements, including without limitation, funding and exploration efforts, fluctuations in oil and gas prices and other risk factors described from time to time in the Company’s reports filed with the SEC, including the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2009. The Company undertakes no obligation to publicly update these forward looking statements to reflect events or circumstances that occur after the issuance of this news release or to reflect any change in the Company’s expectations with respect to these forward looking statements.

HDY-IR

 

Contacts: Dennard Rupp Gray & Easterly, LLC

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Ken Dennard, Managing Partner

Jack Lascar, Partner

+1-713-529-6600

Anne Pearson, Sr. Vice President

+1-210-408-6321


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