Offshore staff
(West Africa) - Hyperdynamics Corp. and Ahmed Tidiane Souare, the minister of the mines and of the geology of the Republic of Guinea, agreed and signed a protocol to follow through with replacing the rights currently held by Hyperdynamics pursuant to the 2002 production and sharing agreement, by establishing a new agreement with SCS Corp.. Hyperdynamics' wholly owned subsidiary.
The procedures agreed to in the protocol will be to sign the recently negotiated 2006 PSA between the Republic of Guinea and SCS Corp.; to issue all drilling permits necessary for SCS to begin its drilling programs; to receive a decree signed by President Lansana Conte; and to begin and complete the process to obtain a Projet Les Loi from the national Parliament.
In the protocol letter, Hyperdynamics also represented its future willingness to make advance payments to Guinea against future royalties on production revenues.
The SCS subsidiary is developing a hydrocarbon concession that is located offshore the Republic of Guinea in West Africa.
The concession is one of the largest exploration areas in the world, says the company.
03/25/06
