posted
Another to check out here. In this morning @ $1.25 after what looks like bouncing off 20 day. and this news clearing up some recent news. Do some DD on this as potential looks good from here.
Hyperdynamics Provides Additional Detail on Agreement With Republic of Guinea Presidential Decree Expected Shortly Mar 31, 2010 5:33:00 PM
Close Ad Email story | Discuss on ZenoBank | View more ads HOUSTON, March 31 /PRNewswire-FirstCall/ -- Hyperdynamics Corporation (NYSE Amex: HDY) today provided further details of the amendment to its Production Sharing Contract (PSC) with the Republic of Guinea. The amendment was signed late last week in the capital, Conakry, and Hyperdynamics has been informed that the implementing Presidential Decree is in the process of issuance.
The amendment was intended to bring the PSC into line with international standards and the amendment included the following terms, in addition to the terms discussed in the news release issued by Hyperdynamics on March 25, 2010:
1. Removing the right of first refusal covering relinquished acreage; 2. Clarifying that only those expenditures which were made following the date the PSC was signed (September 22, 2006) would be eligible for cost recovery; and 3. Should the Government note material differences between provisions of the amendment and international standards or the Petroleum Code, Hyperdynamics and the Government would engage in renegotiation of the relevant articles.
"With this important step completed, we now look forward to the tender process for 3D seismic, which we expect to commence shortly," said Ray Leonard, President and CEO of Hyperdynamics.
The Company has made an 8-K filing with the Securities and Exchange Commission, which describes the material terms and includes a copy of the PSC amendment.
About Hyperdynamics 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, 2009. 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.
Contacts: Dennard Rupp Gray & Easterly, LLC
Ken Dennard, Managing Partner
Jack Lascar, Partner
(713) 529-6600
Anne Pearson, Sr. Vice President
(210) 408-6321
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Hyperdynamics Receives Presidential Decree and Arrete From Guinea Government
HOUSTON, May 10 /PRNewswire-FirstCall/ -- Hyperdynamics Corporation (NYSE Amex: HDY) today announced that it has received from the government of the Republic of Guinea a Presidential Decree approving both the Production Sharing Contract (PSC), covering its offshore Guinea concession, and the PSC amendment signed on March 25.
"We are delighted that the Decree has been issued," Ray Leonard, Hyperdynamics' President and CEO, remarked at the conclusion of a meeting with Prime Minister Jean-Marie Dore. "We can now concentrate our full energies on exploring for oil and gas in the contract area."
The Company also received a document, referred to as an arrete, from the Ministry of Mines and Geology confirming the Government's approval of the assignment of a 23 percent participating interest in the PSC to Dana Petroleum.
About Hyperdynamics
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, 2009. 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.
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Geoserve: Hyperdynamics Details Guinea Development Plans
3D Seismic To Commence Mid-July; Drilling Planned for 2011
Sugar Land, Texas – June 15, 2010 —Geoserve Marketing LLC, a private consulting firm, is continuing commentary regarding the Hyperdynamics Corporation (NYSE AMEX:HDY) shareholder conference call held June 8, 2010. It was noted in the call that of significant and immediate interest to shareholders is that the company has selected a vendor to supply 3D seismic coverage in preparation for drilling its first well offshore the Republic of Guinea in West Africa.
During the shareholder call, it was disclosed that Hyperdynamics had seven of the world’s largest seismic companies bidding for the 3D seismic contract. The winning bid announced on Friday, June 11, 2010, was submitted by Norwegian based PGS Geophysical. The price tag for the 3,500 km shoot was announced at $21 million. Ray Leonard, President and CEO of Hyperdynamics stated in the conference call that the winning bid was significantly less than expected due to the intense competition. He noted that this positive development along with recent cash raises would allow Hyperdynamics to move forward under no pressure to sign any more partners until the 3D seismic shoot was complete. This development was touted as significant as the strategy is now to retain as much of the concession for as long as the company can before signing a third partner.
It was reported that the PGS seismic boat is in route to Guinea and is scheduled to begin shooting in mid-July. The contractor is slated to complete processing by year’s end with target selection by the first quarter of 2011. The 3D shoot will delineate three targets. Two of the targets are turbidities sand plays and lay in 400 to 800 meters of water. The third target is a shallow four-way closure that lies in 70 meters of water. Leonard made the point during the call that the shallow target affords the company some flexibility to possibly drill it first at half the cost of the other two and thereby possibly retaining a larger portion of the concession. Hyperdynamics has announced that the first well is scheduled to be drilled in the fourth quarter of 2011.
Earlier this year, Hyperdynamics Corporation signed an agreement with Dana Petroleum (LSE: DNX) to create a joint venture to develop Hyperdynamics’ Guinea concession. Hyperdynamics completed a 10,100 km, 2D seismic shoot partially funded by Dana Petroleum and Repsol TPF S.A. (NYSE:REP) (BMHD:REP). Repsol had also signed a letter of intent to join as a third partner in the development.
“Prior to this call, the fact that Repsol participated in the seismic shoot and had signed a letter of intent gave rise to speculation that Repsol might become a third joint venture partner,” said Geoserve Marketing Owner Michael E. Watts. “It is now clear that the situation has changed. There are at least two super majors in the running and that the 3D will probably be acquired before a third partner is chosen.”.
Geoserve Marketing urges shareholders and any interested parties to contact Investor Awareness, a full-service investor relations firm, regarding any questions and updates from Geoserve Marketing. Investor Awareness, Inc. is not affiliated or related to Hyperdynamics Corporation and has been retained for public/investor relations efforts on behalf of Geoserve Marketing.
About Geoserve Marketing LLC: Geoserve Marketing is a strategic business consulting and private finance firm. We assist enterprises s in making the best decisions on strategy, operations, mergers & acquisitions and organization. Visit us online at www.geoservemarketing.com.
About Hyperdynamics: 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. For more information, visit www.hyperdynamics.com.
Forward Looking Statements This news release contains forward-looking statements that involve risks, uncertainties and assumptions. If such risks or uncertainties materialize or such assumptions prove incorrect, the results of this organization and its consolidated subsidiaries could differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including but not limited to statements of the plans, strategies and objectives of management for future operations; any statements concerning expected development, performance or market share relating to products and services; anticipated operational and financial results; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. Risks, uncertainties and assumptions include the achievement of expected results and other risks that are described from time to time in quarterly reports. Geoserve Marketing assumes no obligation and does not intend to update these forward-looking statements.
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