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Hyperdynamics Receives Presidential Decree

Source: www.gulfoilandgas.com 9/22/2016, Location: Africa

Hyperdynamics Corporation has received notice of a Presidential Decree signed by the President of the Republic of Guinea, Alpha Conde, implementing the Second Amendment to its Production Sharing Contract approved by the government on September 15, 2016.

"The signature by Guinea's President Conde implementing the Second Amendment to our Production Sharing Contract is the final step that clears the way for Hyperdynamics to resume exploration of Guinea's vast and largely untested hydrocarbon resource potential as Operator and 100% owner of our concession," said Hyperdynamics President and Chief Executive Officer Ray Leonard.

The Second Amendment extends the term of the Production Sharing Contract through September 22, 2017 and confirms that the Company is the 100% interest holder and Operator of the Production Sharing Contract. Hyperdynamics retains an area of 5,000 square kilometers in the Guinea offshore. The Company is obligated to drill one exploratory well with a projected commencement date of April 2017, with additional wells optional.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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