Guinea

The Ministry of Mines, Energy and Hydraulics and Hyperdynamics Corp., Sugar Land, Tex., reaffirmed key points of the company’s 31,000 sq mile concession off Guinea.

By OGJ editors
HOUSTON, Sept. 15
– The Ministry of Mines, Energy and Hydraulics and Hyperdynamics Corp., Sugar Land, Tex., reaffirmed key points of the company’s 31,000 sq mile concession off Guinea.

Hyperdynamics will relinquish 64% of the acreage by Dec. 31, 2009, and spud its first well by calendar 2011. The company has right of first refusal on any new concessions Guinea offers in the relinquished area if it matched terms offered by another party.

The company and the ministry will review the entire contract to assure conformance with international standards. If this process has not come to a satisfactory conclusion within 6 months, any unresolved points will be submitted to international arbitration.

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