Ray Leonard News

Hyperdynamics Corporation announced  that Tullow Oil Guinea Ltd. has formally notified the Republic of Guinea, on behalf of the consortium that is exploring for oil offshore Guinea, of its intent to elect to extend the Second Exploration Period for an additional three years, as provided for under the terms of its existing Production Sharing Contract (PSC). During the three-year extension of the Second Exploration Period – which extends through September 21, 2016 – the consortium will be required to drill one exploration well to a minimum depth of 2,500 meters below the seabed. Tullow Oil, the concession's operator, plans to spud the next exploration well – a deep water fan prospect – in the first quarter of 2014.

AGR Petroleum Services today signed a drilling contract, on behalf of Hyperdynamics Corporation (NYSE Amex: HDY), with Jasper Drilling Private Limited of Singapore to contract the drill ship Jasper Explorer for drilling in Hyperdynamics' concession offshore the Republic of Guinea. The Jasper Explorer is a modern Pelican Class self-propelled drill ship capable of operating in water depths up to 5,000 feet. "The conclusion of a drilling contract with Jasper Drilling Private Limited is a crucial step in preparations for our drilling campaign.

Hyperdynamics Corporation (NYSE Amex: HDY) announced that it has signed a contract with Bergen Oilfield Services AS of Norway to conduct a 9,000 kilometer 2-D marine seismic survey on portions of its oil and gas concession offshore Republic of Guinea. The survey is expected to get under way by the end of October. "This survey will help us make a final determination of which portions of our 31,000-square mile concession area we want to maintain for future exploration," said Ray Leonard, Hyperdynamics' President and Chief Executive Officer. "Under a new September Memorandum of Understanding that reaffirms the validity of our Production Sharing Contract, we are required to relinquish 64% of the acreage by December 31, 2009.