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

ME Staff 8-k
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HYPERDYNAMICS CORPORATION (OTCMKTS:HDYN) Files An 8-K Termination of a Material Definitive Agreement
Item 1.02 Termination of a Material Definitive Agreement.

As previously reported, Hyperdynamics Corporation (“we,” “us,” “our” or the “Company”) had notified the government of the Republic ofGuineathat it was seeking a two-year appraisal period under its oil and gas Production Sharing Contract. On December7, 2017, we were notified verbally in a meeting with the government ofGuinea that it would not grant the two-year appraisal period.

Also as previously reported, on November2, 2017, we executed a stock purchase agreement to issue and sell 40 million shares of our common stock at a price of$0.15per share (for a total purchase price of $6,000,000) to CLNG Limited (Hong Kong) (“CLNG”) or its affiliate. The closing of the sale was subject to, among other things, the completion of satisfactory due diligence by each party of the other. On December11, 2017, CLNG informed us that it will not proceed with the purchase of those shares, and the stock purchase agreement is terminated (except for certain indemnification obligations therein).


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.