RDO proceeds fund Hyperdynamics survey

Hyperdynamics, an oil and gas exploration and production company, has announced that the majority of proceeds from its $10.6m (£6.9m) registered direct offering (RDO), which closed on 23 April, will be used to fund the company’s share of costs for the expanded portion of the 3D seismic survey that is targeted for the third quarter of this year.

Hyperdynamics has begun soliciting bids through a competitive tender process for a 3,500km2 seismic survey covering selected prospects within its 25,000km2 offshore Guinea exploration area.

The tender includes the acquisition and processing of 3D seismic data and was sent to major seismic contracting companies with offshore 3D capabilities.