June 21, 2012, Hyperdynamics Corporation’s wholly-owned subsidiary, SCS
Corporation, filed suit against AGR Well Management Limited following
unsuccessful negotiations to address cost overruns associated with the Sabu-1
well drilled off the coast of the Republic of Guinea. The Sabu-1 well was spud
in October of 2011 and was completed earlier this year. The suit was filed in
London, England in the High Court of Justice, Queen’s Bench Division, Technology
and Construction Court. A copy of the Particulars of Claim in the suit is
attached as Exhibit 99.1.