Hyperdynamics to Issue Invitation to Tender to Drilling Companies

Hyperdynamics Corporation announced today that AGR Petroleum Services, its well management company, issued an Invitation to Tender to drilling companies as part of its exploration program offshore in the Republic of Guinea.  The tender covers the drilling of two wells plus an optional third well as agreed in the work program and budget between Hyperdynamics and Dana Petroleum last year. Dana holds a 23% interest in the project with Hyperdynamics holding the remaining 77% as operator.
The invitation to tender has gone to a shortlist of drilling contractors, which were selected after they responded to an initial rig inquiry.
"This is the next major step in the preparations for our 2011 drilling campaign," said Ray Leonard, Hyperdynamics President and Chief Executive Officer. "Tendering for a moored semisubmersible rig will allow us to test identified prospects in various water depths with a single rig, which will result in greater economic and operational efficiency."  
The closing date for tenders is February 23 and a contract is expected to be awarded by early April. Hyperdynamics expects to begin drilling the first well in the fourth quarter of 2011. 
AGR Petroleum Services has been providing well management support to Hyperdynamics since November 30, 2010.
Source: Press release