HYPERDYMAMICS TAKES SCHLUMBERGER TO GUINEA

January 04, 2017

Houston Based Hyperdynamics advised that it has has signed a Master Service Agreement (MSA) with Schlumberger to provide essential drilling services for the deepwater exploration well Fatala-1, planned for the second calendar quarter of 2017 offshore the Republic of Guinea. Under the MSA, Schlumberger will be the primary provider of services to drill the Fatala-1 well, including:
• Wireline logging
• Measurement while drilling, logging while drilling and similar downhole drilling services
• Drilling fluids and solids control services
• Downhole cementing services
• Mudlogging services
• Drilling bits and reamers
• Contingency fishing equipment and services.
The estimated value of the MSA for the Fatala-1 well is approximately U.S. $4.5 million.

Following the exit of Tullow Oil and Dana Petroleum as Hyperdynamics’ partners in the drilling consortium in August 2016, Hyperdynamics negotiated a Production Sharing Contract Amendment on September 15, 2016 with the Government of Guinea granting an extension of the Concession to September 22, 2017.