Hyperdynamics Corporation (OTCMKTS:HDYN) Files An 8-K Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive
Agreement

On May21, 2017, SCS Corporation (Hyperdynamics, the Company, we
or us), a wholly owned subsidiary of Hyperdynamics Corporation
Ltd. (SCS), came to an agreement with Pacific Scirocco Limited, a
subsidiary of Pacific Drilling Operations Limited, to bring into
force an amendment (herein Drilling Contract Amendment) to the
drilling Contract concluded November29, 2016. The Drilling
Contract Amendment ratifies replacement of the drillship Pacific
Bora for Pacific Scirocco.

Also the Drilling Contract Amendment clarifies the applicability
of different rates for various stages of operations. The Drilling
Contract Amendment states that for the period between the rig
entering Guinea waters and July17th, 2017 at the latest, the
Special Mobilization and Standby Rate of $100 thousand per day
shall apply. During this period, SCS, acting an Operator, plans
to install certain drilling-related equipment on the rig and
stock up materials and supplies. Upon 28 days advance
notification by SCS, in case the rig is positioned 1 nautical
mile from the initial drilling location and is ready to drill,
the full rate of $ 225 thousand per day shall apply.

In consideration for the Drilling Contract Amendment and taking
into the account certain costs Pacific Drilling Operations
Limited has previously incurred while waiting for SCS to agree
terms of the Farmout Agreement with South Atlantic Petroleum
Limited and the Third Amendment to the Production Sharing
Contract between SCS and the Government of the Republic of
Guinea, Hyperdynamics Corporation has agreed to issue to Pacific
Scirocco Limited, a number of shares of its common stock equal to
$1,000,000 at a 10 day average market price preceding the date of
the agreement.

Parties agreed to sign the share issuance agreement in the
nearest future.

The foregoing disclosure concerning the Amendment No.1 to the
Offshore Drilling Contract No.PSO2 is qualified in its entirety
by reference to the Drilling Contract Amendment, which is filed
as Exhibit10.1 to this Current Report on Form8-K.

About Hyperdynamics Corporation (OTCMKTS:HDYN)

Hyperdynamics Corporation is an independent oil and gas exploration company with prospects in offshore Republic of Guinea (Guinea) in Northwest Africa pursuant to rights granted to the Company by Guinea (the Concession) under a Hydrocarbon Production Sharing Contract (PSC). The Company’s primary focus is the advancement of exploration work in Guinea. The Company, through its subsidiary, SCS Corporation Ltd, conducts international oil and gas exploration activities in Guinea. The Company is conducting its work in Guinea under the PSC. The Company is having certain contractual rights to explore and exploit offshore oil and gas reserves, if any, off the coast of Guinea (the Contract Area). Its prospects are in an underexplored basin with Turbidite fans and four-way closures. As of June 30, 2016, the Contract Area in the Concession was 18,750 square kilometers. The Company has not generated any revenues.

Hyperdynamics Corporation (OTCMKTS:HDYN) Recent Trading Information

Hyperdynamics Corporation (OTCMKTS:HDYN) closed its last trading session up +0.01 at 1.75 with shares trading hands.