Hyperdynamics Corp (HDYNQ)

[Money Mike 1]

Mention of Guinea in the Tullow Conference Call Transcript:



Unidentified Analyst
Yes hello. Just like to ask what is the write-down which would include the exit of [inaudible] and Nigeria. And are there any comments you’d like to make regarding results of that campaign and possibly up to the north, the upcoming Fatala Guinea prospectivity.

Angus McCoss
Mark, I’ll answer the second part of the question and turn to Ian to go through the numbers with you. When I was explaining how our campaign approach is applied to exploration appraisal I referred to these retired campaigns, those are unsuccessful. So this venture falls into that category. So whilst we’re making discoveries we were finding oil in those wells. When we do the asset test on the commercial feasibility of taking those forward and developing them we decided that’s not something we want to focus on. So we retired that campaign.

I would emphasize that’s retiring the campaign means that we are letting those licenses flat. It doesn’t mean necessarily that our country exit and doesn’t necessarily mean a lack of interest in that Jubilee play in West Africa. It’s just that, that particular license that particular venture ran its course. As we move further north to Guinea, we have a large acreage position there and we have some large prospects principally Fatala and Sylli. And they are certainly Jubilee scale prospects they are higher risk with frontier exploration, but they do make it through our very selective screening based on what we have learned about what works and what doesn’t work in the West African transform margin play.

So the Guinea campaign is still very much alive and active and we intent to be drilling there within next the 12 months.

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