Hyperdynamics Corp. says it is set to target Guinea's "vast and largely untested hydrocarbon potential" after having its production sharing contract (PSC) offshore Guinea extended.
The company is obligated to drill one exploratory well with a projected commencement date of April 2017, with additional wells optional.
The extension, thanks to a second amendment in its production sharing contract being approved, will allow the firm to resume exploration in the country.
"The signature by Guinea's President Conde implementing the second amendment to our PSA is the final step that clears the way for Hyperdynamics to resume exploration of Guinea's vast and largely untested hydrocarbon resource potential as operator and 100% owner of our concession," said Hyperdynamics President and CEO Ray Leonard.
The second amendment extends the term of the PSC through 22 September 2017 and confirms that the company is the 100% interest holder and operator.
Hyperdynamics retains an area covering 5000sq km in the Guinea offshore.
Hyperdynamics was founded in 1996 and based in Houston. Leonard joined Hyperdynamics as president and CEO in July 2009, having previously worked for Kuwait Energy Company, MOL, First International Oil Company (FIOC), and YUKOS.
Leonard began his career at Amoco. He holds a Bachelor of Science degree in Geology from the University of Arizona and a Master of Arts degree in Geology from the University of Texas at Austin.