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.
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