HOUSTON, May 16, 2014 /PRNewswire/ -- Hyperdynamics
Corporation (NYSE: HDY) today announced the settlement of
litigation in London involving AGR
Well Management Ltd ("AGR"). AGR provided project management
services for Hyperdynamics' subsidiary, SCS Corporation Ltd.
("SCS"), in connection with the drilling of the Sabu #1 well
offshore Guinea in
2011-2012. SCS will receive U.S. $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 approximately $15.6 million, after reconciliation of the joint
interest account with Dana Petroleum, the other working interest
holder during the drilling.
Ray Leonard, CEO and President of
Hyperdynamics, commented, "We are pleased to settle this litigation
and to have this matter resolved and behind us."
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 www.hyperdynamics.com.
Forward Looking Statements
This news release and the Company's website referenced in this news
release contain forward looking statements regarding Hyperdynamics
Corporation's future plans and expected performance that are based
on assumptions the Company believes to be reasonable. Statements
that include the words "believes," "expects," "anticipates,"
"intends," "projects," "estimates," "plans," and similar
expressions or future or conditional verbs such as "will,"
"should," "would," "may" and "could" are generally forward-looking
in nature and not historical facts. A number of risks and
uncertainties could cause actual results to differ materially from
these statements, including without limitation, funding and
exploration efforts, fluctuations in oil and gas prices and other
risk factors described from time to time in the Company's reports
filed with the SEC. The Company undertakes no obligation to
publicly update these forward looking statements to reflect events
or circumstances that occur after the issuance of this news release
or to reflect any change in the Company's expectations with respect
to these forward looking statements.
Contacts:
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Dennard • Lascar Associates
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Jack Lascar, Managing
Partner
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(713)
529-6600
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Anne Pearson, Sr.
Vice President
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(210)
408-6321
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SOURCE Hyperdynamics