Petroleum Africa
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Tuesday, December 6, 2016
Hyperdynamics Corp. and Sapetro have entered into a Letter of Intent (LOI) aimed at Sapetro joining Hyperdynamics offshore Guinea. Under the LOI the two firms will negotiate the assignment of a participating interest on Hyperdynamics’ concession in Guinea.
The LOI, which is non-binding, calls for Sapetro to take a 20% participating interest in exchange for paying 40% of the costs of the upcoming Fatala well up to a $50 million cap of predicted total well costs. Above that amount, Sapetro would pay its proportional 20% share.
The LOI calls for the two companies to work toward signing definitive documents within 45 days unless extended by further agreement. Sapetro’s responsibility for financial commitments related to the concession begins immediately but will not be due for payment until final approvals from the government of Guinea is received.
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