Hyperdynamics Corporation announced it has received payment of $19.6 million in cash from Aberdeen-based Dana Petroleum plc for a previously announced 23 percent participating interest in Hyperdynamics’ oil and gas concession offshore the Republic of Guinea.
The payment follows the receipt of final government approvals confirming the validity and terms of Hyperdynamics Production Sharing Contract for the concession and approving Dana’s entry into the project.
“With Dana’s participation in the project now finalized, we look forward to getting under way with the next phase of our exploration project, which is a 3,500-square-kilometer 3-D seismic survey covering multiple prospects,” said Ray Leonard, Hyperdynamics President and Chief Executive Officer. “We expect to award a contract to one of the several seismic contractors that tendered a bid for the project soon and are planning to begin shooting shortly thereafter.
“Concurrently, we continue to negotiate with additional exploration and production companies to join the project as operator, but with the cash now in hand from Dana’s farm-in and with proceeds from the recent equity offering, we also have the opportunity to continue to better define our prospects through the 3-D seismic work before bringing in an additional participant,” concluded Leonard.
Hyperdynamics is an emerging independent oil and gas exploration and production company that is exploring for oil and gas offshore the Republic of Guinea in West Africa.
Source:Hyperdynamics, May 21, 2010;