Dana Petroleum acquires offshore Guinea interest

Offshore staff

SUGAR LAND, Texas -- Dana Petroleum (E&P) has acquired a 23% participating interest in Hyperdynamics' oil and gas concession offshore the Republic of Guinea.

Upon closing of the sale, Dana will pay Hyperdynamics a pro rata portion of accrued expenses associated with the company's ongoing 2D seismic program over the concession. Dana will then pay Hyperdynamics $19.6 million upon the conclusion of a review by the government of Guinea and Hyperdynamics of a 2006 production sharing contract.

12/08/2009