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Monday, August 22, 2011

Hyperdynamics: Drillship En Route to Drilling Site Offshore Guinea

- Hyperdynamics: Drillship En Route to Drilling Site Offshore Guinea

Monday, August 22, 2011
Hyperdynamics Corp.

Hyperdynamics announced that the Jasper Explorer drillship 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 drillship 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 drillship capable of operating in water depths up to 1,524 meters.

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