Hyperdynamics and Minister of Mines, Energy and Hydraulics of the Republic of Guinea have signed a Memorandum of Understanding.
Offshore staff
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.
