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Hyperdynamics Announces Partner Impasse and Failure by Tullow to Resume Petroleum Operations Offshore Guinea
Hyperdynamics Announces Partner Impasse and Failure by Tullow to Resume Petroleum Operations Offshore Guinea.
About this update from Hyperdynamics Corp
[{"type":"text","content":"\n\n\n\nHyperdynamics Announces Partner Impasse and Failure by Tullow to Resume Petroleum Operations Offshore Guinea\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nHyperdynamics Announces Partner Impasse and Failure by Tullow to Resume Petroleum Operations Offshore Guinea\nPR Newswire\nHOUSTON, Jan. 5, 2016\n\n\n\nHOUSTON, Jan. 5, 2016 /PRNewswire/ -- Hyperdynamics Corporation (OTCQX:HDYN) today announced an impasse in plans to resume petroleum operations and move forward with drilling an exploratory well under the Joint Operating Agreement governing the oil and gas exploration rights offshore Guinea (\"JOA\"). The impasse reflects a refusal by the participants in the Guinea project, Tullow Guinea Ltd., (\"Tullow\") a wholly owned subsidiary of Tullow Oil, PLC and Dana Petroleum (E&P) Limited, (\"Dana\") a wholly owned subsidiary of the Korean National Oil Company, to meet their obligations under the JOA and the Production Sharing Contract with the Government of Guinea (\"PSC\"). \n\nIn August 2015, Tullow as operator under the JOA presented to Dana and Hyperdynamics, through its subsidiary, SCS Corporation Ltd. (\"SCS\"), a work program and budget to complete drilling of a well before the September 2016 deadline established by the PSC.  Tullow and SCS voted in favor of the work program and budget, and it was deemed passed by this vote.  On September 23, 2015, Tullow submitted this work program and budget to the Guinea Minister of Mines and Geology.  Pursuant to Article 9.4 of the PSC, the annual work program and budget is deemed approved 30 days after submission, and that period has passed. Tullow also submitted a contracting strategy to the Guinea Government and initiated well preparation procedures that included visits to Guinea and meetings with Guinea government officials, all of which indicated that Tullow was on course to resume petroleum operations. \n\nHowever, in an Operating Committee Meeting on November 18, 2015, in contrast to its prior actions, Tullow stated that it would not restart petroleum operations unless Dana agreed to fund i...