Oil and gas exploration firm Hyperdynamics, with an offshore block in Guinea, has received a notice of a Presidential Decree signed by the President of the Republic of Guinea, Alpha Conde, implementing the recently agreed terms for an offshore block in the country.
To remind, Hyperdynamics signed the Second Amendment to its Production Sharing Contract approved by the government on September 15, 2016, subject to the president’s approval.
“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 Hyperdynamics to resume exploration of Guinea’s vast and largely untested hydrocarbon resource potential as Operator and 100% owner of our concession,” said Hyperdynamics President and Chief Executive Officer Ray Leonard.
The Second Amendment extends the term of the Production Sharing Contract through September 22, 2017 and confirms that the company is the 100% interest holder and Operator of the Production Sharing Contract.
Hyperdynamics retains an area of 5,000 square kilometers in the Guinea offshore. The company is obligated to drill one exploratory well with a projected start date of April 2017, with additional wells optional.
Also, while Hyperdynamics was waiting for the President’s approval, it focused its efforts on rebuilding its core management team.
The company brought in Sergei Alexeev as the Vice President of Commercial Development who will also assume the role of Chief Financial Officer in January. David Gullickson and Forrest Estep joined Hyperdynamics as Vice President of Finances and Treasurer, and as Vice President of Operations respectively.
The fourth man to join the management team, Randy Ditmore, a Houston Drilling Management man, became the company’s consulting Drilling Manager.
Leonard said that the management changes, announced on Wednesday, would aid in developing a drilling plan for the Fatala well scheduled for next year and identify sources of capital or new farm-in partners to help the company drill this deepwater oil prospect.