Hyperdynamics completes sale of offshore Guinea concession interest to Tullow
HOUSTON -- Hyperdynamics Co announced that its wholly owned subsidiary, SCS has completed the previously announced sale of a 40% gross interest in the company's oil and gas exploration concession offshore Guinea to Tullow Guinea., a subsidiary of Tullow Oil.
Guinea's Ministry of Mines and Geology formally approved the sale by issuing an Arrete in December, 2012 and Tullow has transferred the $27 million cash payment to SCS.
The parties intend to begin drilling a well to test a deepwater fan prospect in the concession before April, 2014. Tullow will also carry SCS share of costs associated with an appraisal well of the initial exploration well, if drilled, subject to an additional gross expenditure capital of $100 million.