Hyperdynamics Corporation (AMEX:HDY) announced today that as a result of an invitation to visit the Republic of Guinea, as extended by the President of Guinea in late November, a Hyperdynamics’ delegation was in Guinea on December 9 and 10. Kent Watts, Hyperdynamics’ Chief Executive, and Jim Spear, Vice President of Exploration and Production, together with the company’s lobbyist Mr. Herman Cohen, past US Assistant Secretary of State for Africa, met with various government officials. Visits were held at length with President Lansana Conte and Secretary General Sam Soumah. Additional meetings were held with the President of the National Assembly, Mr. Aboubacar Sompare as well as other National Assembly members. An update on the status of the company’s exploration efforts offshore Guinea was given to all.
In September a presidential delegation was sent to the company’s home office in Sugar Land, Texas to show a direct interest from the president’s office in the exploration of offshore Guinea. This delegation was led by the Secretary General of the office of the president, Mr. Sam Soumah. As a result, the President of Guinea expressed clear support of Hyperdynamics’ work and ordered the invitation for Kent Watts to come to Guinea and present the exploration plans for 2008.
On December 10, 2007, in a meeting with the Secretary General, the company was informed that the President of Guinea has taken an active role in the oversight of the 2006 Production Sharing Contract (2006 PSC). He advised Hyperdynamics that the Guinea government was also making changes that would streamline the petroleum contract administration going forward. These changes are also expected to result in increased cooperation and solidarity surrounding the company’s exploration work.
When asked to comment, Kent Watts stated, “The Government of Guinea is openly communicating with us at the highest level. Our relationship has never been better and they are very eager for us to proceed with our work. Their leaders all realize that the success of our project will bring tremendous benefits to their people.” Mr. Watts further said, “The positive outcome of the delegation’s visit in September is that we are now dealing with the office of the president regarding all relevant matters.”
About Hyperdynamics
Hyperdynamics Corporation provides energy for the future by exploring and producing sources of energy worldwide. The company's internationally active oil and gas subsidiary, SCS Corporation, owns rights to explore and exploit 31,000 square miles offshore the Republic of Guinea, West Africa. HYD Resources Corporation focuses on domestic production in proven areas. To find out more about Hyperdynamics Corporation, visit our Website at http://www.hyperdynamics.com.
Forward Looking Statements
Statements in this news release are “forward looking” as defined by the U.S. Securities and Exchange Commission and are based on expectations, beliefs or projections that are subject to numerous risks and uncertainties. Investors are cautioned that these statements are not guarantees of future performance, and actual results could differ materially. Please refer to “Risk Factors” in the company's Form 10-K filed with the SEC.