HDYNQ Hyperdynamics Corporation New (CE)

Item 8.01 Other Events.

On August 19, 2016, Hyperdynamics Corporation (the “Company”), through its wholly owned subsidiary, SCS Corporation Ltd. (“SCS”), entered into a non-binding Memorandum of Understanding with the Government of Guinea (“MOU”) outlining the key terms of the proposed extension to September 22, 2017. SCS and the Government of Guinea agreed to negotiate final documents for the extension period by September 1, 2016.  The documents will specify that SCS will be the Operator and the 100% interest holder in the Concession and will assume all of the rights and liabilities under the Production Sharing Contract as Amended (“PSC”). SCS will also retain a mutually agreed area equivalent to 23% of its current acreage in the Concession and it will commit to drill one (1) exploratory well offshore Guinea with a projected commencement date of April 2017. If the well is not drilled within the one (1) year extension period, SCS will owe the Government of Guinea the difference between the actual expenditures related to the well and U.S. $46,000,000. Further, SCS, as the Operator will be obligated to pay any unused portion of the training program under Article 10.3 of the PSC, estimated to be at $500,000 and agrees to administer it in conjunction with the National Petroleum Office of Guinea.  In return, the Government of Guinea will grant a one-year extension to the PSC through September 22, 2017.

The foregoing is intended to be only a summary of the material terms of the MOU, does not purport to be a complete description of the MOU nor the final documents for the extension period.

On August 23, 2016, the Company issued a press release entitled, “Hyperdynamics and the Government of Guinea sign a Memorandum of Understanding”.  The press release is attached as Exhibit 99.1 hereto.