Deals - Acquisition, Mergers, Divestitures
Hyperdynamics Subsidiary to Shed Offshore Guinea Assets
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Hyperdynamics Corporation has reported that its wholly owned subsidiary, SCS Corporation Ltd, has entered into an agreement with Tullow Guinea Ltd., a subsidiary of Tullow Oil plc, for the sale of a 40% gross interest in Hyperdynamics' oil and gas exploration concession offshore Guinea and the transfer of operatorship to Tullow. Subject to the completion of due diligence, the sale is expected to close by year-end following the satisfaction of certain closing conditions and approval of the assignment by Guinea's Ministry of Mines and Geology.
At closing, the interests of SCS, Tullow and Dana Petroleum E&P Limited in the concession will be 37%, 40% and 23%, respectively.
The parties intend to commence drilling a well to test a deepwater fan prospect in the concession no later than April 1…
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