Hyperdynamics noted that its Memorandum of Understanding (MOU) with the government of the Republic of Guinea has been extended by five working days to allow the government to complete its review of a proposed amendment to the 2006 Production Sharing Contract (PSC) among Hyperdynamics, Dana Petroleum and the Republic.
In September 2009, Hyperdynamics and the Republic of Guinea entered into a MOU that called for a review of the commercial terms of the PSC to bring them in line with international standards. The MOU provided for a six-month negotiating period intended to culminate in an agreed PSC amendment.
"Today we received notice in writing from the Minister of Mines and Geology of the extension designed to allow the government to complete its review of the proposed amendment," said Ray Leonard, President and Chief Executive Officer. "The PSC Amendment must be reviewed by the Council of Ministers, and we applaud the increasingly transparent approval process. We look forward to continuing to work with the Guinean government in the search for offshore oil and gas," he said.
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