HOUSTON, April 7, 2011 /PRNewswire/ -- Hyperdynamics Corporation (NYSE Amex: HDY) announced today that AGR Peak Well Management Ltd. (AGR) has signed a letter of intent on behalf of Hyperdynamics with Jasper Drilling Pte. Ltd. of Singapore to contract the drill ship Jasper Explorer for exploration drilling in Hyperdynamics' concession offshore the Republic of Guinea.
The Jasper Explorer is a modern Pelican Class self-propelled drill ship capable of operating in water depths up to 5,000 feet. A contract between AGR and Jasper Drilling is expected to be signed within 30 days. AGR conducted the tender for the drill ship on behalf of Hyperdynamics and will provide management services during the drilling phase, which is expected to begin in the fourth quarter of 2011.
"Selecting a drilling contractor is a crucial element of our preparations for launching a drilling campaign later this year on our offshore Guinea concession," said Ray Leonard, Hyperdynamics president and chief executive officer.
"The Jasper Explorer is capable of drilling in a wide range of water depths, which gives us significant flexibility in selecting the initial drilling locations," he said.
A copy of the letter of intent is included as an exhibit to a Report on Form 8-K filed concurrently with the U.S. Securities and Exchange Commission.
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