Republic of Guinea: Hyperdynamics Corp. Receives $19.6M for O&G Offshore Concession


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;

Share this article

Follow Offshore Energy Today

Events>

<< Jun 2019 >>
MTWTFSS
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30

Shanghai Int Petrochemical and Offshore Oil & Gas and Chemical Industry Technology and Equipment Exhibition 2019

cippe Shanghai has attracts both domestic and overseas buyer groups, including Shell, Exxon Mobil, Total…

read more >

OIL & GAS PHILIPPINES 2019

Oil & Gas Philippines event display products like Oil & gas, fire protection systems and materials…

read more >

Nigeria Oil & Gas Conference & Exhibition 2019

The annual meeting once again proved to be a great success, gathering over 700 industry professionals…

read more >

08th OIL & GAS AFRICA 2019 CONFERENCE

OIL & GAS AFRICA is one of the most prime regional & international Oil and Gas conferences in East Africa…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply