Hyperdynamics Corp (HDYNQ)

[tdbowieknife]

Tullow is anxious to get this going. From the Feb 27th CC...

In mid-January, the consortium held an operating committee meeting to chart out the course for Tullow to take over operatorship and to transfer the day-to-day functions to Tullow. It was decided that Tullow will become full operator on April 1. However, all the geological, geophysical and engineering data was transmitted to Tullow at the beginning of January to enable them to start working immediately. Our respective technical teams have met several times and the technical handover is essentially complete.

In the last week of January, a technical meeting of the consortium took place in Cape Town, South Africa for Hyperdynamics to present our geologic interpretations to the Tullow staff at their exploration office. Further meetings were held in London with research specialists from their Dublin technology center last week and future technical meetings are scheduled in the upcoming months.

On the engineering side, Tullow is already working on preplanning activities for a deepwater well on the Sylli prospect, ordering long-term lead items such as the well head and tubulars and planning rig schedules. A large team of drilling, procurement and logistics specialists is in Guinea as I speak, reviewing port facilities and taking the initial steps to set up an operational base.

I've been involved in many farm-ins in my 35 years in the oil business and I've never seen a company take charge and move toward operatorship as quickly and efficiently as Tullow is doing. I believe more strongly than ever that we've made the right decision in choosing them as operator to this project.

Tullow has an outstanding record of exploration success offshore West Africa and is a very experienced and skilled operator in the region. They're a world-class explorer and the speed with which they're moving forward is a testament, I believe, to the strong prospectivity of the concession.