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Gold/Mining/Energy : Hyperdynamics Corp

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From: Savant

5/17/2014 4:48:48 AM

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Hyperdynamics settles litigation with AGR; SCS will receive $17.7 mln from the escrow account previously established by the parties (shares halted)

Co announced the settlement of litigation in London involving AGR Well Management. AGR provided project management services for Hyperdynamics' subsidiary, SCS Corporation, in connection with the drilling of the Sabu #1 well offshore Guinea in 2011-2012. SCS will receive $17.7 million from the escrow account previously established by the parties. The claims by SCS and the counterclaims of AGR will be released, and the litigation will be terminated. The net proceeds to SCS will be ~ $15.6 million, after reconciliation of the joint interest account with Dana Petroleum, the other working interest holder during the drilling.

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