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Overview of the Guinea Project
 

Hyperdynamics holds a 50% interest in and is the operator of one of the largest offshore exploration concessions in West Africa offshore Republic of Guinea. The Company is preparing to drill a deepwater exploration well at the Fatala turbidite fan prospect in partnership with South Atlantic Petroleum (SAPETRO), which completed a Farmout Agreement with Hyperdynamics for a 50% interest in the Concession in June 2017.

Multiple play types, leads and prospects have been identified in this largely unexplored basin at the intersection of several prospective exploration trends within the Atlantic Transform Margin, where Hyperdynamics holds a concession covering approximately 5,000 square kilometers.

We are encouraged by recent offshore oil discoveries in Ghana, Sierra Leone, Liberia, and Cote d’Ivoire to the south and east of our concession on the African side of the Atlantic, as well as discoveries offshore Brazil and French Guiana in South America, which abutted West Africa 100 million years ago before tectonic plate shifts separated the two continents.

Exploration Work Conducted to Date

We have conducted extensive technical studies of the area, including 17,800 kilometers of 2D seismic and 7,635 square kilometers of 3D seismic in five separate surveys covering both shallower water and deep water portions of the Guinea concession.

Hyperdynamics drilled the Sabu-1 exploration well in late 2011 and early 2012 in 730 meters of water as operator of the project. The Sabu-1 reached planned total depth of 3,600 meters below the waterline, testing an Upper Cretaceous section of the prospect. The well encountered oil shows, and well-log interpretations indicated the presence of residual oil in non-commercial quantities. Subsequent analysis of rock samples from the well confirmed the presence of hydrocarbons in fluid inclusions in the rock.

We believe the Sabu-1 well was not commercial because of the lack of a reservoir seal such as marine shales or reservoir-seal pairs needed for a commercial accumulation. We also believe that the evidence that hydrocarbon generation has taken place in the basin and the presence of reservoir-quality carbonates and sandstones in the well enhances the prospectivity of our concession.

Production Sharing Contract

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.

 
 
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