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Wednesday, October 2, 2013
Hyperdynamics is under investigation by the US Department of Justice (DOJ). The company reported that it has received a subpoena from the DOJ requesting that Hyperdynamics produce documents relating to its business in Guinea.
In 2006, a PSC was signed by the company and the government of Guinea granting rights to an oil and gas concession offshore Guinea. In a release the company said that it understands that the DOJ is investigating whether Hyperdynamics’ activities in obtaining and retaining the concession rights and its relationships with charitable organizations potentially violate the US Foreign Corrupt Practices Act or US anti-money laundering statutes.
Hyperdynamics retained legal counsel to represent it in this matter and is cooperating fully with the government. The company is unable to predict when the investigation will be completed, what outcome may result, and what costs the company will incur in the course of the investigation.
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