Hyperdynamics Corp (HDYNQ)

[tdbowieknife]

Posted by ibm gear slinger today...

June 2nd article

Guinea’s new oil and gas legislation will shortly be officially published in the country’s Official Journal after its recent promulgation by president Alpha Conde. The promulgation will give rise to the possibility of organizing a new auction in the second half of this year that could concern both onshore and offshore blocks. The new bill also provides for the creation of a national oil company in the case of commercial oil finds in Guinea, something that has yet to occur. Exploration has dropped off sharply over the past several years and the Ebola epidemic did nothing to make the country more attractive. The British explorer Tullow Oil is expected to be the next to drill in the offshore with the Fatala well. The company claimed force majeure between March and May of last year when the former operator of its block in Guinea, the American concern Hyperdynamics – which still holds a stake in the permit- came under suspicion of corruption. Hyperdynamics was subsequently cleared by the American Department of Justice.

And the March 2nd article

Africa Energy Intelligence understands Tullow Oil believes the sanitary situation in Guinea has stabilized and is poised to resume its work in the country (AEI 723) and drill an offshore well later this year.

The program calls for a particularly costly outlay, amounting to $83 million, because the well, Fatala, lies under 2,895 metres of water and drilling will take 45 days. It lies to the southwest of the Sabu 1 well drilled by Hyperdynamics in early 2012. The equipment has already been delivered and is being stored in Abidjan. The rig is being supplied by Stena DrillMax which has a long-term contract with Tullow.

John Casky, Tullow's new man in Guinea (although the company would not confirm his appointment) will work particularly to reassure Conakry which fears an accident affecting the environment.

This particular aspect was raised in Paris in late December during a meeting of the Comite des Operations Petrolieres attended by mines minister Kerfalla Yansane. He was accompanied by Mohamed Bangoura, managing director of the Office Guineen de Recherche et de Promotion Petrolieres.

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