Hyperdynamics and UK oil explorer Dana Petroleum have agreed on a two-year exploration programme and budget on acreage of the coast of Guinea for 2011 and 2012.
The exploration program for the offshore concession includes the drilling of up to three exploration wells, two of which are firm and one of which is contingent on exploration prospectivity.
Drilling is slated to begin in the fourth quarter of 2011.
The company said that this drilling program would satisfy the minimum work obligation for the entire exploration period set forth in the Production Sharing Contract for the Concession in Offshore Guinea.
The drilling program is expected to be followed in the fourth quarter of 2012 by a contingent 4,000sq km 3D seismic survey that would begin the exploration in the ultra deepwater section of the Concession.
Hyperdynamics operates the offshore Guinea concession with a 77% interest.
Aberdeen-based Dana Petroleum has a 23% stake.