Hyperdynamics Extends Letter of Intent with Repsol

Hyperdynamics has extended the term of its previously announced letter of intent with Repsol YPF, S.A. until March 11, 2010. In addition, Repsol has agreed to pay Hyperdynamics $2.7 million for its pro rata share of work performed to date on the Company's ongoing 2D seismic program. Repsol has also agreed to pay its pro rata share of the remaining work on the seismic program, estimated to be approximately $1.0 million, upon its completion. These monies would be repaid to Repsol at its option if the Production Sharing Agreement clarification has not been ratified by September 10, 2010.

 

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