Pacific Drilling lines up work for Pacific Bora drillship

HOUSTON -- Hyperdynamics Corporation, an emerging exploration company, has signed a Letter of Award with drilling contractor Pacific Drilling to engage the Pacific Bora drillship to begin a drilling campaign offshore the Republic of Guinea in the second quarter of 2017.

"The Pacific Bora recently completed a long-term contract for a major American multinational energy company offshore Nigeria," said Ray Leonard, president and CEO, Hyperdynamics. "The Pacific Bora is expected to arrive shortly before our target spud date for the Fatala 1 well, so the timing is perfect. The ship will come to us with a high-quality, experienced crew, and we will avoid a rig mobilization charge due to the close proximity of the ship's current location in West Africa. We have also negotiated a very attractive rate of $225,000 per day.”

The Letter of Award enables Hyperdynamics to extend the contract to include as many as three additional follow-up wells at the same terms and conditions. The agreement is subject to the two companies entering into a definitive contract to be signed no later than Nov. 29.