Hyperdynamics, an emerging independent oil and gas exploration and production company, has received payment of $19.6m in cash from Aberdeen-based Dana Petroleum for a 23% participating interest in Hyperdynamics' oil and gas concession offshore the Republic of Guinea.

The payment follows the receipt of final government approvals confirming the validity and terms of Hyperdynamics production and sharing contract for the concession and approving Dana’s entry into the project.

Ray Leonard, president and CEO of Hyperdynamics, said: “With Dana’s participation in the project now finalized, we look forward to getting under way with the next phase of our exploration project, which is a 3,500sqkm 3-D seismic survey covering multiple prospects.

“We expect to award a contract to one of the several seismic contractors that tendered a bid for the project soon and are planning to begin shooting shortly thereafter. Concurrently, we continue to negotiate with additional exploration and production companies to join the project as operator, but with the cash now in hand from Dana’s farm-in and with proceeds from the recent equity offering.

“We also have the opportunity to continue to better define our prospects through the 3-D seismic work before bringing in an additional participant.”