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Sunday, April 23, 2017
The government of Guinea, Hyperdynamic’s wholly owned subsidiary SCS Corp., and Sapetro have executed a Third Amendment to the 2006 PSC. The new amendment approves the assignment of 50% of SCS’ interest in the Guinea concession to Sapetro.
The Third Amendment will become effective on the date the president of Guinea approves it.
The contract requires that drilling operations begin on an initial exploratory well no later than May 30, and additional exploration wells may be drilled within the exploration period at the companies’ option.
The Third PSC Amendment reaffirms clear title of Sapetro and SCS to the concession and timing for the $5 million security instrument to be put in place by the two firms scheduled as 30 days from the date of the Presidential Decree, and to be released at such time that the drilling rig for the Fatala well enters Guinea territorial waters. As per the Third Amendment, the partners have joint and several liabilities to the government in respect to the PSC.
In addition to the earlier signed farm-out agreement, SCS and Sapetro agreed that SCS’s sufficient financing for the Obligation Well Costs shall be $15 million in cash.
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