HYPERDYNAMICS CORPORATION (OTCMKTS:HDYN) Files An 8-K Other Events
Item 8.01 Other Events.
On November30, 2016, SCS Corporation Limited, a wholly owned
subsidiary of Hyperdynamics Corporation (Hyperdynamics, the
Company, we, and us), entered into a non-binding letter of intent
(the Letter of Intent) with South Atlantic Petroleum Limited
(SAPETRO), a privately held Nigerian oil and gas exploration and
production company with a portfolio of assets in Nigeria and the
Mozambique Channel.
to the terms of the Letter of Intent, SAPETRO has agreed to
acquire a 20% participating interest in Hyperdynamics oil and gas
concession offshore the Republic of Guinea in exchange for paying
40% of the costs of the upcoming Fatala well with SAPETROs up to
a $50,000,000 cap of predicted total well costs. In addition,
SAPETRO is expected to pay its proportional 20% share.
The Letter of Intent contemplates that the parties will work to
sign definitive documents by January14, 2017 unless extended by
further agreement. SAPETROs responsibility for financial
commitments related to the concession became effective
immediately upon signing of the Letter of Intent, with payment of
the consideration due upon satisfaction of the closing conditions
set out in the definitive documents, including receipt of the
final approvals and consents of the government of Guinea. There
is no assurance, however, the parties will consummate the
transaction contemplated by the Letter of Intent.
The Press Release regarding this Letter of Intent is filed as
Exhibit99.1 to this report.
Item 9.01 Financial Statements and
Exhibits.
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ExhibitNo. |
|
Description |
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99.1 |
Press Release, dated December5, 2016. |
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. HYPERDYNAMICS CORPORATION (OTCMKTS:HDYN) Recent Trading Information
HYPERDYNAMICS CORPORATION (OTCMKTS:HDYN) closed its last trading session down -0.04 at 2.42 with shares trading hands.