Houston-based Hyperdynamics is lining up contractors and cash so it can move forward with a 100%-owned wildcat off the Republic of Guinea after signing a definitive agreement to contract a drilling rig from the second quarter of next year.

Hyperdynamics said it had finalised a contract for Pacific Drilling drillship Pacific Bora for work on the Fatala-1 prospect in April. The company had previously announced a letter of award for the rig.

"This contract underscores our commitment to drilling our next exploration well offshore the Republic of Guinea next year," chief executive Ray Leonard said of the contract with Pacific.

"We are in the process of tendering for the major services that will be needed for our drilling operations as well as for support services such as boat and helicopter transportation."

In August, Hyperdynamics ended a dispute with former operator Tullow Oil and partner Dana Petroleum in which the other two companies declined to sign an amended production sharing contract off Guinea.

The row stemmed from an investigation into Hyperdynamics by US regulators over a potential breach of the Foreign Corrupt Practices Act. That investigation has since been resolved.

The agreement with its former partners resulted in Hyperdynamics owning a 100% stake in the Fatala prospect, along with $8.1 million of long-lead items acquired by Tullow when it was operator.

"Long-lead time equipment and materials that are being turned over to Hyperdynamics by former operator Tullow Oil are currently being inspected at a storage yard in Ghana before shipment to Guinea," Leonard said.

He said the company is holding discussions with potential working interest partners - "including major multinational energy companies and independents" - to share project costs and risks "and to enhance project technical competencies".

"We are also exploring options to raise equity through a share offering," Leonard said.

Pacific Bora just wrapped a contract with Chevron in West Africa and is expected to go to work with US independent Erin Energy off Nigeria late this year or early next year, after which it will mobilise to Guinea.

The dayrate for the Hyperdynamics contract is $225,000, with one firm well and three option wells included.