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Hyperdynamics Corporation Signs a Tri-Party Protocol with the Guinea Government and SAPETRO
Hyperdynamics Corporation Signs a Tri-Party Protocol with the Guinea Government and SAPETRO.
About this update from Hyperdynamics Corp
[{"type":"text","content":"\n\n\n\nHyperdynamics Corporation Signs a Tri-Party Protocol with the Guinea Government and SAPETRO\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 Corporation Signs a Tri-Party Protocol with the Guinea Government and SAPETRO\nPR Newswire\nHOUSTON, March 13, 2017\n\n\n\nHOUSTON, March 13, 2017 /PRNewswire/ -- Hyperdynamics Corporation (OTCQX: HDYN) (the \"Company\") today announced that its wholly owned subsidiary, SCS Corporation Ltd. (\"SCS\"), has collectively executed on March 10, 2017 in Conakry a Tri-party Protocol \"Protocol\" with the Government of the Republic of Guinea and South Atlantic Petroleum (\"SAPETRO\"). The document has been signed by the Director General of the National Petroleum Office, Diakara Koulibaly, Dale Rollins, Managing Director of SAPETRO, and Ray Leonard, Hyperdynamics' President and Chief Executive Officer.\n\nMr. Leonard, stated, \"I am delighted that all parties involved have agreed to move forward with drilling the Fatala well for the benefit of the Republic of Guinea and all other stakeholders.  I am also thankful for the Government of Guinea's continued confidence in Hyperdynamics, and all parties involved look forward to the opportunity to drill the Fatala well. The commitment by SAPETRO to the Guinea project represents a big step forward in sharing project-related costs and risks with a reputable industry player who recognizes SCS' Guinea concession's economic attractiveness and geologic prospectivity.\"\n\nTerms of the Protocol are the following:\n\n\nThe joint objective of the Protocol is to drill the Fatala well in the most effective way and in the case of a discovery, and with unanimous agreement, to proceed with drilling an optimal number of follow-up exploration wells within the terms of the PSC Second Amendment. Drilling of the Fatala well must commence no later than May 30, 2017; \nSAPETRO and SCS undertake to make all reasonable efforts to negotiate and finalize all transaction documents for SAPETRO's entry into the project in conformity with the PSC as Amended and submit for the approval of the...