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US-based Hyperdynamics' subsidiary SCS Corporation has signed a master service agreement (MSA) with oilfield services firm Schlumberger for essential drilling services in the deepwater exploration well in the offshore area of Republic of Guinea.

The drilling is scheduled to be carried out in the second quarter of 2017.

Hyperdynamics president and CEO Ray Leonard said: “With the signing of this agreement with Schlumberger, we now have the critical equipment and most of the drilling services contracts in place to enable us to begin drilling the Fatala-1 deepwater exploration well this spring.

"With Schlumberger as integrated project manager for drilling services, and with Pacific Drilling providing a modern deepwater drillship with an experienced crew, we have assembled a world-class contingent of equipment, services and highly experienced manpower.”

Under the MSA, Schlumberger will hold the primary responsibility to provide the necessary services to drill Fatala-1 well, including wireline logging, drilling measurements, downhole cementing services and mud logging services.

"It is estimated that the value of the MSA for the Fatala-1 well is nearly $4.5m."

Drilling fluids and solids control services with Drilling bits and reamers services also form a part of the agreement.

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It is estimated that the value of the MSA for the Fatala-1 well is nearly $4.5m.

Along with this agreement with Schlumberger, Hyperdynamics has also signed a letter of intent (LoI) to farm-out a 20% interest in the Guinea concession to South Atlantic Petroleum Limited (SAPETRO).

As part of the LoI, SAPETRO will bear the cost for 40% of Fatala-1 well to up to $50m and also pay its proportional 20% share of any cost above $50m.

Hyperdynamics is also working to finalise additional support service contracts that comprise offshore supply vessels, helicopter transportation services and underwater vehicle solutions.