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Hyperdynamics, Tullow At Odds on Offshore Guinea JOA
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Hyperdynamics Corporation announced an impasse in plans to resume petroleum operations and move forward with drilling an exploratory well under the Joint Operating Agreement governing the oil and gas exploration rights offshore Guinea (JOA). The impasse reflects a refusal by the participants in the Guinea project, Tullow Guinea Ltd., a wholly owned subsidiary of Tullow Oil, PLC and Dana Petroleum (E&P) Limited, a wholly owned subsidiary of the Korean National Oil Company, to meet their obligations under the JOA and the Production Sharing Contract with the Government of Guinea ("PSC").
In August 2015, Tullow as operator under the JOA presented to Dana and Hyperdynamics, through its subsidiary, SCS Corporation Ltd. ("SCS"), a work program and budget to complete drilling of a well before the…
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