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Tuesday, March 14, 2017
Hyperdynamics Corp.’s wholly-owned subsidiary, SCS Corp. has signed a tri-party Protocol with the government of Guinea and Sapetro. The objective of the protocol is to drill the upcoming Fatala well in the most effective way.
The tri-party Protocol was signed on March 10.
Ray Leonard, Hyperdynamics’ president and CEO said: “I am delighted that all parties involved have agreed to move forward with drilling the Fatala well for the benefit of the Republic of Guinea and all other stakeholders. I am also thankful for the Government of Guinea’s continued confidence in Hyperdynamics, and all parties involved look forward to the opportunity to drill the Fatala well. The commitment by SAPETRO to the Guinea project represents a big step forward in sharing project-related costs and risks with a reputable industry player who recognizes SCS’ Guinea concession’s economic attractiveness and geologic prospectivity.”
The terms of the protocol include the determination on how to move forward in case of a discovery with the drilling of the Fatala well, and with unanimous agreement, to proceed with drilling an optimal number of follow-up exploration wells within the terms of the PSC Second Amendment.
Drilling of the Fatala well must commence no later than May 30.
Sapetro and SCS are to make all reasonable efforts to negotiate and finalize all transaction documents for Sapetro’s entry into the project in conformity with the PSC as amended and submit for the approval to the government no later than April 10. Upon completion of transaction documents and receipt of the requisite approvals by the government, Sapetro will provide the $5 million Security Instrument as required under the PSC Second Amendment.
The two firms will work with the government on mutually agreeable transaction documents and subsequent amendments to the PSC as required. The government of Guinea will in turn provide adequate assurances in relation to the validity of the existing PSC (and amendments to it) to enable the two firms to enter into the transaction documents and obtain all necessary approvals. The assurances will also allow for the pair to mobilize requisite resources in the form of contracts, funds and personnel to spud and accomplish drilling operations in respect of the Fatala well and subsequent exploration wells.
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