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