Hyperdynamics Corp. received a letter from the government of Guinea confirming that a two-year appraisal period will be granted to the consortium of SCS Corp., a wholly owned subsidiary of HDYN, and South Atlantic Petroleum (Sapetro) in the event of an oil discovery in the Fatala-1 well.
The letter was signed by the Director of ONAP (Guinean equivalent of the Ministry of Oil) Diakaria Koulibaly in response to the official request sent by SCS, for the two-year appraisal period.
"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," says 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."
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