Hyperdynamics Completes Sale of 40% Interest in Guinea Concession to Tullow
HOUSTON, Dec. 31, 2012 /PRNewswire via COMTEX/ -- Hyperdynamics Corporation (HDY)
today announced that its wholly owned subsidiary, SCS Corporation Ltd, has
completed the previously announced sale of a 40% gross interest in the Company's
oil and gas exploration concession offshore Guinea to Tullow Guinea Ltd., a
subsidiary of U.K.-based Tullow Oil plc.
Guinea's Ministry of Mines and Geology formally approved the sale by issuing an
Arrete on December 27, the transaction closed today, and Tullow has transferred
the $27 million cash payment to SCS. Tullow will also carry SCS' participating
interest share of future expenses, up to a gross expenditure cap of $100 million,
from the date of entry into the next exploration period until 90 days after the
drilling of the well.
The parties intend to begin drilling a well to test a deepwater fan prospect in
the concession before April 1, 2014. Tullow will also carry SCS' share of costs
associated with an appraisal well of the initial exploration well, if drilled,
subject to an additional gross expenditure cap of $100 million.
"We are delighted to close this transaction with Tullow and to be able to obtain
funding for the next critical phase of our exploration program offshore Guinea,"
said Ray Leonard, Hyperdynamics President and Chief Executive Officer. "Tullow
has an excellent exploration track record in West Africa, particularly along the
Transform Margin trend, as is found on the Guinea concession. We look forward to
working closely with them in the coming months as we transfer operatorship to
Tullow and initiate preparations for drilling the next well."
The interests of SCS, Tullow and Dana Petroleum E&P Limited in the concession are
now 37%, 40% and 23%, respectively.
BofA Merrill Lynch, acting as financial advisor, assisted Hyperdynamics in
connection with the sale.
About Hyperdynamics
Hyperdynamics is an emerging independent oil and gas exploration and production
company that is exploring for oil and gas offshore the Republic of Guinea in West
Africa. To find out more, visit our website at hyperdynamics.com.
Contacts: DRG&LKen Dennard, Managing Partner
Jack Lascar, Partner
(713) 529-6600
Anne Pearson, Sr. Vice President
(210) 408-6321 |
