Hyperdynamics Corporation announced that AGR Peak Well Management Ltd. (AGR) has signed a letter of intent on behalf of Hyperdynamics with Jasper Drilling Pte. Ltd. of Singapore to contract the drill ship Jasper Explorer for exploration drilling in Hyperdynamics’ concession offshore the Republic of Guinea.

The Jasper Explorer is a modern Pelican Class self-propelled drill ship capable of operating in water depths up to 5,000 feet. A contract between AGR and Jasper Drilling is expected to be signed within 30 days. AGR conducted the tender for the drill ship on behalf of Hyperdynamics and will provide management services during the drilling phase, which is expected to begin in the fourth quarter of 2011.

“Selecting a drilling contractor is a crucial element of our preparations for launching a drilling campaign later this year on our offshore Guinea concession,” said Ray Leonard, Hyperdynamics president and chief executive officer.

“The Jasper Explorer is capable of drilling in a wide range of water depths, which gives us significant flexibility in selecting the initial drilling locations,” he said.

A copy of the letter of intent is included as an exhibit to a Report on Form 8-K filed concurrently with the U.S. Securities and Exchange Commission.

About Hyperdynamics

Hyperdynamics is an emerging independent oil and gas exploration and production company that is exploring for oil and gas offshore the Republic of Guinea in West Africa.

Source: hyperdynamics , April 07, 2011