Petroleum Africa
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Sunday, August 21, 2016
Hyperdynamics Corp.’s wholly owned subsidiary, SCS Corp., has entered into a Settlement and Release agreement with Tullow Oil and Dana Petroleum. The agreement is in regards to SCS’ arbitration over certain issues connected to the trio’s asset offshore Guinea.
As part of the agreement SCS has released all claims against Tullow and Dana; in turn Tullow and Dana issued to the government of Guinea a notice of withdrawal from the Guinea Concession and PSC effective immediately, leaving SCS once again holding the concession on its own.
Tullow and Dana have also transferred their interest in the long lead items previously purchased by the consortium for $8.1 million in preparation for the drilling of the Fatala well and net cash of $686,570 to SCS. SCS has also agreed to pay Dana a success fee based upon the certified reserves of the Fatala well if it results in a discovery.
As the sole remaining owner of the Guinea Concession, SCS is currently meeting with the authorities regarding its submission for a one-year extension until September 22, 2017. The current period under the PSC ends in September of this year.
SCS has also proposed and is in the process of negotiating a PSC Amendment and a work program and budget for the extension period. Should one be granted, it would include a minimum work obligation to drill one deep water exploration well in April 2017.
Hyerdynamics said that there was no assurance that SCS would obtain the extension or successfully negotiate the PSC Amendment. If the extension is granted the next step for the company is to seek financing for the planned well by either raising the funds or taking a partner, or a combination of both.
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