Repsol signs LoI for Guinea project operatorship

Hyperdynamics and Repsol have signed a letter of intent that gives Repsol exclusive negotiating rights to take a 37% share in Hyperdynamics' offshore Guinea concession for $31.5 million.

Offshore staff

SUGAR LAND, Texas -- Hyperdynamics and Repsol have signed a letter of intent that gives Repsol exclusive negotiating rights to take a 37% share in Hyperdynamics' offshore Guinea concession for $31.5 million. Repsol also would be the operator of the Guinea project, subject to government and third-party approvals, and consents. Under the terms of the LOI, the two companies will work to sign definitive documents no later than Jan. 31, 2010. The LOI otherwise terminates unless further extended by both parties.

Prior to the execution of definitive documents as described in the LOI, Repsol has the right to participate with Hyperdynamics in the evaluation of geological and geophysical data, subject to licensing obligations with the various seismic services companies. It also has the right to participate in the preparation for negotiations with the Ministry of Mines, Energy and Hydraulics of the Republic of Guinea regarding the terms of the clarification of the production sharing contract.
11/30/2009

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