(Ecofin Agency) - Hyperdynamics Corporation, an independent oil & gas exploration company has announced that it has signed a letter of award with drilling contractor Pacific Drilling to employ the Pacific Bora drillship.

Under the agreement, the rig is to be used for a drilling campaign offshore the Republic of Guinea in Q2 of 2017, at the Fatala turbidite fan prospect. It also allows Hyperdynamics to extend the contract to include as much as three further follow-up wells at the same favorable terms and conditions.

However, the agreement is conditional on the two companies signing a definitive contract before November 29.

The Pacific Bora is a 6th generation, double-hulled drillship built in 2010 and capable of operating in 10,000 feet of water and drilling up to 35,000 feet below the mud line.

“The Pacific Bora recently completed a long-term contract for a major American multinational energy company offshore Nigeria. 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,” Ray Leonard, Hyperdynamics’ President and Chief Executive Officer told Offshore Energy Today.

Hyperdynamics holds a 100% working interest and is the operator of what is considered to be one of the largest offshore exploration concessions in West Africa, offshore Republic of Guinea.

Anita Fatunji