HYPERDYNAMICS CORPORATION (OTCMKTS:HDYN) Files An 8-K Other Events
Item 8.01 Other Events.
On March10, 2017, SCS Corporation Limited, a wholly owned
subsidiary of Hyperdynamics Corporation (Hyperdynamics, the
Company, we, and us), entered into a Tri Party Protocol
(Protocol) with South Atlantic Petroleum Limited (SAPETRO), a
privately held Nigerian oil and gas exploration and production
company, and the Government of Guinea.
to the terms of the Protocol, it was agreed that drilling of the
Fatala well must commence no later than May30, 2017 and that
SAPETRO and SCS will make all reasonable efforts to negotiate and
finalize all transaction documents for SAPETROs entry into the
project in conformity with the 2006 Production Sharing Contract,
as amended (PSC) and submit for the approval of the Government of
Guinea no later than April10, 2017. The Government of Guinea in
turn agreed to provide adequate assurances in relation to the
validity of the existing PSC and amendments to enable SCS and
SAPETRO to enter into the transaction documents and obtain all
necessary Government approvals and to mobilize of the requisite
resources in the form of contracts, funds and personnel to spud
and accomplish drilling operations in respect of the Fatala well
and subsequent exploration wells. It was further agreed that upon
completion of the transaction documents and receipt of the
requisite approvals by the Government of Guinea, SAPETRO will
provide the $5 million Security Instrument as required by the
terms of the Second Amendment to the PSC.
The Protocol in English and French as well as the Press Release
regarding this Protocol are filed as Exhibits99.1, 99.2 and 99.3
to this report.
Item 9.01 Financial Statements and
Exhibits.
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ExhibitNo. |
|
Description |
|
99.1 |
Press Release, dated March13, 2017. |
|
|
99.2 |
Tri Party Protocol between SCS Corporation Ltd, SAPETRO and |
|
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99.3 |
Tri Party Protocol between SCS Corporation Ltd, SAPETRO and |
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 up +0.69 at 1.75 with shares trading hands.