SUGAR LAND, Texas -- Hyperdynamics and Minister of Mines, Energy and Hydraulics of the Republic of Guinea have signed a Memorandum of Understanding. The agreement clarifies key points such as the relinquishment dates of portions of Hyperdynamics’ acreage and continuing rights, which allows the company to undertake a seismic program in the fourth quarter.
Key terms of the agreement include the following:
• The Government of Guinea reaffirms the validity of Hyperdynamics' concession and the company's right to choose 36%, being 28,800 sq km, (11,160 sq mi) of the initial acreage and carry it through the exploration period
• The required relinquishment of 64% of the acreage by the company, as stated in the 2006 Hydrocarbon Production Sharing Contract, must take place by Dec. 31
• The company must spud its first well no later than calendar year 2011
• Hyperdynamics has the right of first refusal on any new concessions Guinea offers within the 64% relinquished area, granting Hyperdynamics the right to match the terms offered by another party.
Hyperdynamics signs MOU with Republic of Guinea
Hyperdynamics and Minister of Mines, Energy and Hydraulics of the Republic of Guinea have signed a Memorandum of Understanding.