HYPERDYNAMICS CORPORATION (OTCMKTS:HDYN) Files An 8-K Entry into a Material Definitive Agreement

ME Staff 8-k
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HYPERDYNAMICS CORPORATION (OTCMKTS:HDYN) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.

On October6, 2017, Hyperdynamics Corporation’s (the “Company”) wholly owned subsidiary, SCS Corporation Ltd. (“SCS”), entered into a Termination, Settlement and Release Agreement (“Settlement and Release”) with South Atlantic Petroleum Limited (“SAPETRO”) with respect to the remaining outstanding liabilities under their Joint Operating Agreement (the “JOA”) and the Production Sharing Contract with the Republic of Guinea (the “PSC”), following SAPETRO’s withdrawal from the JOA. Under the terms of the Settlement and Release, SCS released all claims against SAPETRO under the JOA and the PSC in return for a cash payment of $4,923,931.54, which represents SAPETRO’s unpaid 50% share of estimated remaining expenses relating to the PSC and the JOA through SAPETRO’s withdrawal. SCS and SAPETRO agreed to continue to take all steps to implement SAPETRO’s withdrawal as soon as reasonably practicable and to execute and deliver all necessary instruments and documents to assign SAPETRO’s 50% participating interest in the PSC to SCS in accordance with the JOA.

Item 1.02 Termination of a Material Definitive Agreement.

The information set forth in Item 1.01 above is incorporated herein by reference. Upon SCS’s receipt of the payment referred to in Item 1.01 above, the JOA terminated.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.


HYPERDYNAMICS CORP Exhibit
EX-10.1 2 a17-23989_1ex10d1.htm EX-10.1 EXHIBIT 10.1   TERMINATION,…
To view the full exhibit click here

About HYPERDYNAMICS CORPORATION (OTCMKTS:HDYN)

Hyperdynamics Corporation is an independent oil and gas exploration company with prospects in offshore Republic of Guinea (Guinea) in Northwest Africa pursuant to rights granted to the Company by Guinea (the Concession) under a Hydrocarbon Production Sharing Contract (PSC). The Company’s primary focus is the advancement of exploration work in Guinea. The Company, through its subsidiary, SCS Corporation Ltd, conducts international oil and gas exploration activities in Guinea. The Company is conducting its work in Guinea under the PSC. The Company is having certain contractual rights to explore and exploit offshore oil and gas reserves, if any, off the coast of Guinea (the Contract Area). Its prospects are in an underexplored basin with Turbidite fans and four-way closures. As of June 30, 2016, the Contract Area in the Concession was 18,750 square kilometers. The Company has not generated any revenues.