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Hyperdynamics and the Republic of Guinea Agree to a One Year Extension to the Production Sharing Contract

HOUSTON, Sept. 15, 2016 /PRNewswire/ -- Hyperdynamics Corporation (OTCQX:HDYN) today announced that its wholly owned subsidiary, SCS Corporation Ltd. ("SCS"), and the Government of the Republic of Guinea have executed a Second Amendment to the 2006 Production Sharing Contract ("PSC"). The document was signed by the Director General of the National Petroleum Office, Diakara Koulibaly and Ray Leonard, Hyperdynamics' President and Chief Executive Officer.

The Second Amendment will be effective on the date it is approved by Decree of the President of the Republic of Guinea. The Second Amendment was entered into in accordance with the August 2016 Memorandum of Understanding ("MOU") between SCS and the Republic of Guinea and formally extends the PSC to September 22, 2017 and confirms that SCS is the 100% interest holder and the Operator in the Concession.

In addition clarifying certain elements of the PSC, the Second Amendment includes the following terms:

Mr. Leonard stated, "I am pleased with the Government of Guinea's continued support of Hyperdynamics and look forward to the opportunity to drill the Fatala well in the near future. Our efforts now shift to taking the operational steps in preparation for the drilling and in raising the required funds and/or teaming up with a partner in order to comply with the terms of the PSC Amendment."

About Hyperdynamics

Hyperdynamics is an emerging independent oil and gas exploration 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 Securities and Exchange Commission, including the Company's Reports on Form 10-K for the fiscal year ended Jun 30, 2015 and Form 10-Q for the fiscal quarter ended March 31, 2016.  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.

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/hyperdynamics-and-the-republic-of-guinea-agree-to-a-one-year-extension-to-the-production-sharing-contract-300328800.html

SOURCE Hyperdynamics Corporation

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