GUINEA: Hyperdynamics, Through Presidential Decree, Receives Its Oil and Gas Production Sharing Contract
HOUSTON, May 10 /PRNewswire-FirstCall/ — Hyperdynamics Corporation (NYSE Amex: HDY) today announced that it has received from the government of the Republic of Guinea a Presidential Decree approving both the Production Sharing Contract (PSC), covering its offshore Guinea concession, and the PSC amendment signed on March 25.
“We are delighted that the Decree has been issued,” Ray Leonard, Hyperdynamics’ President and CEO, remarked at the conclusion of a meeting with Prime Minister Jean-Marie Dore. “We can now concentrate our full energies on exploring for oil and gas in the contract area.”
The Company also received a document, referred to as an arrete, from the Ministry of Mines and Geology confirming the Government’s approval of the assignment of a 23 percent participating interest in the PSC to Dana Petroleum.
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. To find out more, visit our website at www.hyperdynamics.com.