HOUSTON, Dec. 31, 2012 /PRNewswire/ -- Hyperdynamics
Corporation (NYSE: 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 http://www.hyperdynamics.com.
Contacts:
|
DRG&L
|
|
Ken
Dennard, Managing Partner
|
|
Jack
Lascar, Partner
|
|
(713)
529-6600
|
|
Anne
Pearson, Sr. Vice President
|
|
(210)
408-6321
|
SOURCE Hyperdynamics