(ot) Guinea HDY news from W. Africa...offshore concession news.
Hyperdynamics Reports Negotiations Completed for New Contract with Guinea; Major... [GKCDNZG]
Hyperdynamics Reports Negotiations Completed for New Contract with Guinea; Major Progress Realized Working Through Guinea's Democratic Process
HOUSTON--(Business Wire)--Sept. 19, 2006--
Hyperdynamics Corp. (AMEX:HDY) announced today that the
company has completed negotiations for a new production sharing
agreement and has realized major progress working through the
democratic process in Guinea.
Recently, the new Minister of the Mines and Geology Dr. Ousmane
Sylla, in a meeting with the company's Executive Vice President Harry
Briers, agreed that negotiations for a new 2006 production sharing
contract were completed. Sylla expressed full support of the new
agreement and stated that he is ready to sign it. Simultaneously,
Hyperdynamics' executives have held key meetings with many of the
ministers of the president's cabinet, as well as the President of the
National Assembly Elhadj Aboubacar Sompare. In a filmed meeting,
Sompare gave his full support for the newly negotiated PSA, and
expressed an anxious willingness to move it quickly through the
National Assembly affirmation process that would result in legislation
endorsing the new PSA.
When asked to comment, Kent Watts, CEO, said, "While we had
expected to announce the signing of a new contract by now, we indeed
have realized major progress. With the help of U.S. Ambassador Jackson
McDonald and our talented professional team, the support of the many
influential ministers, and the support of the National Assembly, I can
see no other viable democratic outcome than a fully executed
agreement."
About Hyperdynamics
Hyperdynamics Corp. provides energy for the future by exploring
and developing new and redeveloping 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.
Hyperdynamics Corp., Sugar Land, Texas
Chris Watts, 713-353-9400
Cwatts@hypd.com
Kent Watts, 713-353-9400
kent@hypd.com
or
Stock Enterprises
Jim Stock, 702-274-5400 (Investor Relations)
stockenter@aol.com
Copyright Business Wire 2006
19Sep06 13:45 GMT
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