Hyperdynamics Signs New Agreement with The Republic of Guinea for Massive Offshore Oil and Gas Concession Friday September 22, 4:01 pm ET Site in One of the World's Largest Under-Explored Regions Has Potential to Alleviate Dependence on Middle East Oil
HOUSTON--(BUSINESS WIRE)--Sept. 22, 2006--Hyperdynamics Corp. (AMEX: HDY - News) today announced the signing of a new agreement with The Republic of Guinea to explore one of the world's largest under-explored regions with exceptional potential for oil and gas discovery based on seismic data. ADVERTISEMENT
"We have a tremendous partnership with the government of the Republic of Guinea, the country's private sector and the people to locate and secure these vital natural resources," said Kent Watts, CEO, Hyperdynamics. "Our coordination with the U.S. government through the U.S. Ambassador to Guinea has been another important factor in finalizing this agreement."
The West Africa region is seen by industry experts as the world's largest growth area for oil and gas spending. A study by the UK research firm Douglas-Westwood Ltd. expected the West Africa region to show the greatest growth between this year and 2010, as worldwide spending increases from $192.9 billion to $247.5 billion during that period.
The signing occurred in Guinea's capital city, Conakry, at The Ministry of Mines and Geology. Famourou Kourouma, vice president of Guinea Affairs, executed the contract on behalf of the company. The Minister of the Mines and of the Geology, Dr. Ousmane Sylla, executed the contract for Guinea.
The details of this new Production Sharing Contract (PSC) will be disclosed in an 8K filing as soon as possible.
About Hyperdynamics
Hyperdynamics Corp. provides energy for the future by exploring and developing new and re-developing residual sources of energy worldwide. The company's internationally active oil and gas subsidiary, SCS Corp., owns rights to explore and exploit significant acreage offshore the Republic of Guinea, West Africa. HYD Resources Corp. focuses on domestic production in proven areas.
More information on Hyperdynamics Corp. can be obtained at: www.hypd.com
Safe Harbor Statement: Statements contained herein that are not historical are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, detailed in the company's filings with the SEC.
Contact: Hyperdynamics Corp., Sugar Land Chris Watts, 713-353-9400 Cwatts*hypd.com kent*hypd.com
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