The company is seeking to farm-out a half of its interest in the 25,000km² area to an experienced oil and gas company, which would serve as operator of the project, post sale.
Hyperdynamics president and chief executive officer Ray Leonard said the company during this farm-out process would evaluate potential partners on deep water operating experience.
"We believe that farming out an additional share of the project to an experienced deep water operator is the best way to maximise shareholder value going forward," added Leonard.
The company said it is in the process of evaluating initial results of a 4,000km² 3D seismic survey in the deeper water portion of the Guinea concession acquired by CGGVeritas.
The farm-out process is expected to begin in the second quarter of 2012.
Scotland-based Dana Petroleum holds a 23% non-operated working interest in the Guinea concession.
