Guinea Will Grant Appraisal Period if Fatala is a Hit

Wednesday, July 19, 2017

Hyperdynamics received a letter from the government of Guinea confirming that a two-year appraisal period will be granted to the consortium of SCS Corp., the company’s wholly-owned subsidiary, and Sapetro in the event of an oil discovery with the drilling of the Fatala-1 well. The letter was signed by the Director of ONAP (Guinean equivalent of the Ministry of Oil),DiakariaKoulibaly, in response to the official request sent by SCS Corp, for the two-year appraisal period.

The letter has been issued following the bi-annual Management Meeting held in Conakry on July 12. It was followed by the ‘drilling well on paper’ exercise held July 14-15 in Conakry by SCS Corp with all the subcontractors and suppliers before the Fatala-1 well is to be spudded in the first few days of August.

The Director of ONAP expressed his satisfaction with the level of preparedness of Hyperdynamics, its project partner Sapetro, and of all the contractors.

“We are very pleased with the level of preparation for the drilling of Fatala-1 and with the performance of the contractors. All the elements are coming together nicely for the imminent spudding of the Fatala-1 well,”said Ray Leonard, Hyperdynamics’ President and CEO.

“Should the Fatala-1 well result in an oil discovery we will be ready to move to the Bamboo prospect and other targets during the appraisal period,” explained Leonard.

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