Hyperdynamics Takes Major Step Toward Drilling Offshore Guinea.Signs Contract With Applied Drilling Technology Inc. HOUSTON -- Hyperdynamics (AMEX AMEX See: American Stock Exchange :HDY HDY Hat Yai, Thailand (Airport Code) HDY Handy (German slang for mobile phone) HDY Heavy Duty ) today announced that it has contracted with Applied Drilling Technology, Inc. ("ADTI"), a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of GlobalSantaFe (NYSE NYSE See: New York Stock Exchange :GSF GSF Gross Square Feet (architectural design and construction) GSF Genoa Social Forum (umbrella anti-G8 group) GSF GameSpy Forums GSF Government Superannuation Fund (New Zealand) ), to provide a detailed assessment of drilling infrastructure, support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services and operating environment In computing, an operating environment is the environment in which users run programs, whether in a command line interface, such as in MS-DOS or the Unix shell, or in a graphical user interface, such as in the Macintosh operating system. offshore the Republic of Guinea, West Africa. The ADTI study will be used in conjunction with a well design to produce an estimated project cost and a comprehensive drilling management services proposal to support a planned exploration program by Hyperdynamics under its previously announced agreement with the Republic of Guinea. Upon the completion of ADTI's study Hyperdynamics anticipates pursuing the following drilling project milestones: Preparation (project cost estimate and internal partner AFE (Apple File Exchange) An earlier Macintosh utility that converted data files between Mac and PC formats. It also included a file translator between IBM's DCA format and MacWrite. approval securing yard space and a shore base; and procuring inspecting and shipping tangibles); Identifying a rig (preparing rig specifications for tenders and evaluation of tenders, signing a rig contract); Finalize project management structure (signing contract); Drilling operations to begin (mobilization; spudding the well and drilling; primary log; evaluation; plugging/casing/testing options; demobilizing all equipment); "We are moving ahead with our drilling preparation, a significant part of which is assessing all of the logistics associated with the program," said Hyperdynamics' Executive Vice President Harry Briers. "ADTI brings deep knowledge and international experience in turnkey drilling and drilling management services to this critical planning stage, and I am confident that their participation will ensure a solid foundation for our long-term success." Hyperdynamics signed a new agreement last month with the Republic of Guinea to explore its offshore area which is one of the world's largest under-explored regions. The concession is considered to have world class potential for oil and gas discoveries based on the company's seismic analysis. About Hyperdynamics Hyperdynamics Corp. provides energy for the future by exploring and developing new and re-developing residual sources of energy worldwide. The company's internationally active oil and gas subsidiary, SCS Corp., owns rights to explore and exploit significant acreage offshore the Republic of Guinea, West Africa. HYD Resources Corp. focuses on domestic production in proven areas. To find out more about Hyperdynamics Corp (AMEX: HDY), visit our website at www.hypd.com. About ADTI Founded in 1979, Applied Drilling Technology Inc. is the world's largest provider of turnkey drilling and related engineering and management services. ADTI is a wholly owned subsidiary of GlobalSantaFe Corporation, a leading offshore oil and gas drilling contractor that operates a mobile fleet of marine drilling rigs in major drilling regions around the world. Additional information about ADTI and GlobalSantaFe can be found at www.globalsantafe.com Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement: Statements contained herein that are not historical are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, detailed in the company's filings with the SEC. |
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