HyperDynamics' Subsidiary, SCS, Obtains Oil and Gas Farmout Agreement for Large Area Offshore West Africa
HOUSTON--(BUSINESS WIRE)--Dec. 23, 2002--
Company Begins Work as It Negotiates With Exploration and Drilling
Partners
HyperDynamics Corp., (OTCBB:HYPD), today announced that its wholly owned subsidiary, SCS Corporation, entered into an oil & gas farmout agreement with USOil Corporation (USOil) of Houston, Texas.
Under this agreement, SCS obtained all the rights and obligations pertaining to the new November 2002 Production and Sharing Agreement (PSA) between USOil and the Republic of Guinea.
Neil Moore, President of SCS Corporation, commented, "We have begun work to perform under the new PSA and are actively negotiating with possible exploration and drilling partners to help meet and exceed our minimum requirements. This is a very large area so we plan to contract with some of the most experienced companies in the industry to help us explore and exploit the entire area over the coming months and years."
For more information regarding this development, the Company directs you to the Form 8K filed Dec. 20th with the SEC (Securities and Exchange Commission.) |
