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Hyperdynamics Signs a Letter of Intent with SAPETRO for a 20% Participating Interest in its Guinea Oil and Gas Concession
Hyperdynamics Signs a Letter of Intent with SAPETRO for a 20% Participating Interest in its Guinea Oil and Gas Concession.
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[{"type":"text","content":"\n\n\n\nHyperdynamics Signs a Letter of Intent with SAPETRO for a 20% Participating Interest in its Guinea Oil and Gas Concession\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 Signs a Letter of Intent with SAPETRO for a 20% Participating Interest in its Guinea Oil and Gas Concession\nPR Newswire\nLAGOS, Nigeria, Dec. 5, 2016\n\n\n\nLAGOS, Nigeria, Dec. 5, 2016 /PRNewswire/ -- Hyperdynamics Corporation (OTCQX: HDYN) today announced it has signed a Letter of Intent (LOI) with South Atlantic Petroleum Limited (SAPETRO) under which the two companies will negotiate the assignment of a participating interest in Hyperdynamics' oil and gas concession offshore the Republic of Guinea. SAPETRO is a privately held Nigerian oil and gas exploration and production company with a portfolio of assets in Nigeria and the Mozambique Channel.  The Letter of Intent, which is non-binding, calls for SAPETRO to take a 20% participating interest in exchange for paying 40% of the costs of the upcoming Fatala well up to a $50 million cap of predicted total well costs.  Above that amount, SAPETRO would pay its proportional 20% share. \n\nThe LOI contemplates that the two companies will work to sign definitive documents within 45 days unless extended by further agreement. SAPETRO's responsibility for financial commitments related to the concession begins immediately but will not be due for payment until final approvals from the government of Guinea are received. \n\n\"The addition of SAPETRO to the Guinea project team represents a big step forward in sharing project-related costs and risks with reputable industry players who recognize Hyperdynamics' Guinea concession's economic attractiveness and geologic prospectivity,\" said Ray Leonard, Hyperdynamics' President and Chief Executive Officer. \"SAPETRO's experience in West Africa, its financial strength and its desire to have an exposure in high-quality, high-reward exploration acreage that will be tested in the near future makes them an ideal partner for us.\"\n\nBased in Lagos, Nigeria, SAPETRO holds a 15% interest in...