Petroleum Africa
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Thursday, June 8, 2017
The farm-out deal between Hyperdynamics’ subsidiary SCS Corp. and Sapetro has officially closed. The completion of the farm out makes the two firms 50/50 partners in the PSC with the government of Guinea.
SCS has received the Preliminary Closing Payment from Sapetro cover half of the past costs incurred by SCS starting September 15, 2016, the day when the Second Amendment to the PSC was signed by SCS. The partners will be doing a final reconciliation of the past costs incurred by SCS during the next 45 days to make any adjustments.
“We are very pleased that Sapetro has agreed to close the farm-out agreement, and mobilization of the Pacific Scirocco, which arrived in Guinean waters on May 21, will proceed as planned. We look forward to testing the Fatala prospect in the near future, with the possibility of follow-up wells on additional prospects identified by our geoscientists on the 5,000-sq-km PSC block,” said Ray Leonard, Hyperdynamics’ president, and CEO.
SCS and Sapetro have also signed a Joint Operating Agreement, which regulates how operations will be conducted. SCS will be the operator for the PSC.
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