HOUSTON, Aug. 22, 2011 /PRNewswire/ -- Hyperdynamics Corporation (NYSE: HDY) announced today that the Jasper Explorer drill ship has left its home port in Singapore and is now being mobilized to Hyperdynamics' first exploration drilling site offshore the Republic of Guinea in Northwest Africa.
The initial well, the Sabu-1, is scheduled to begin drilling in October at a site in approximately 700 meters of water. The Sabu-1 will target a four-way anticline prospect with upper Cretaceous sands and is anticipated to be drilled to a total depth of 3,600 meters.
"With the drill ship now on its way to West Africa and the majority of the other equipment and services needed for the first two wells contracted for, we are moving closer to testing the resource potential of our shallower-water objectives through the drill bit this fall," said Ray Leonard, Hyperdynamics' President and Chief Executive Officer.
Hyperdynamics is operator of the Guinea project, with a 77 percent participating interest; the remaining 23 percent is held by Dana Petroleum, a wholly owned subsidiary of the Korean National Oil Company. AGR Petroleum Services is providing management services during the drilling phase of the project. The Jasper Explorer is a modern Pelican Class self-propelled drill ship capable of operating in water depths up to 1,524 meters.
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 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, 2010. 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.
Dennard Rupp Gray & Lascar, LLC
Ken Dennard, Managing Partner
Jack Lascar, Partner
Anne Pearson, Sr. Vice President
SOURCE Hyperdynamics Corporation