Hyperdynamics Corporation today announced that the non-binding Letter of Intent it signed with a large independent oil and gas company has been terminated. The announcement of the Letter of Intent was made by Hyperdynamics on December 16, 2010. "We are pleased with the quality of the processed 3D seismic data from the recently acquired 3,635-square-kilometer survey by PGS in our offshore Guinea concession," said Ray Leonard, Hyperdynamics President and CEO. "Our plan is to integrate the new data into our technical interpretation within the next several weeks and to then submit it to Netherland Sewell and Associates for an independent update of the concession's resource estimate. We also are continuing preparations with AGR for the rig tender in connection with the scheduled commencement of drilling in the fourth quarter of 2011."
Source: Press release
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