Petroleum Africa
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Sunday, September 25, 2016
Hyperdynamics Corp. received notice of a Presidential Decree signed by the president of Guinea, Alpha Conde, implementing the Second Amendment to its PSC approved by the government on September 15.
“The signature by Guinea’s President Conde implementing the Second Amendment to our Production Sharing Contract is the final step that clears the way for Hyperdynamicsto resume exploration of Guinea’s vast and largely untested hydrocarbon resource potential as operator and 100% owner of our concession,” said Hyperdynamics President and CEO Ray Leonard.
The Second Amendment extends the term of the PSC through September 22, 2017 and confirms that the company is the 100% interest holder and operator of the PSC.
Hyperdynamics retains an area of 5,000 sq km in the Guinea offshore. The company is obligated to drill one exploratory well with a projected commencement date of April 2017, with additional wells optional.
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