Hyperdynamics' SCS Signs Protocol with the Republic of Guinea
Officials with Hyperdynamics and the Republic of Guinea's mines and geology ministry recently signed an accord that reportedly will help the Houston-based independent launch its drilling program in the West African country.
Kent Watts, the company's chief executive, signed a protocol with Ahmed Tidiane Souare, the minister of the mines and geology, to follow through with replacing the rights currently held by Hyperdynamics pursuant to the its 2002 production and sharing agreement with the government. The protocol also calls for the government to sign a recently negotiation 2006 production and sharing agreement with Hyperdynamics subsidiary SCS.
Hyperdynamics said that the new deal paves the way for the government to issue all drilling permits necessary for SCS to begin its drilling programs and for SCS to recieve necessary approvals from Guinea's president and parliament.
In the protocol letter, Hyperdynamics also indicates its future willingness to make advance
payments to Guinea against future royalties on production revenues.
- Hyperdyamics Reveals Impasse in Plans to Drill Exploration Block Off Guinea (Jan 06)
- Hyperdynamics Says Tullow Claims Force Majeure in Offshore Guinea (Mar 12)
- Tullow Declares Force Majeure On Guinea Project After Partner Probe (Mar 12)
Company: SCS Corp. more info
- Hyperdynamics and GlobalSantaFe Begin Mission to Guinea (Nov 06)
- Hyperdynamics' SCS Signs Protocol with the Republic of Guinea (Mar 27)
- SCS Corp Takes Action to Achieve Guinea Resolution (Aug 03)