Hyperdynamics: Vote Could Turn Guinea PSC into Law
Hyperdynamics Corp. on Monday announced a status report on its 2006 Production Sharing Contract (PSC) with The Republic of Guinea that was signed and became effective on Sept 22, 2006.
This contract was written in compliance to the 1986 Petroleum Code of Guinea, which is the law of Guinea pertaining to oil and gas exploration and exploitation. The 2006 PSC contains terms that contemplates that it could be submitted to the National Assembly of Guinea for special legislative action. Guinea's National Assembly has been in session now since April 05, 2007. Entirely at their option, Guinea law makers could bring the 2006 PSC up for a vote regarding a special designation for the contract to become a "Project of Law."
"Although the vote by the National Assembly has no bearing on the contract's effectiveness, validity, or enforceability, an affirmative vote will transform our contract into a new law," said Kent Watts, Hyperdynamic's Chairman and CEO. He further stated that, "Regardless of the vote or if the vote is delayed for a later session, the contract will remain in full force." Mr. Watts finally stated that," Hyperdynamics has the exclusive rights for exploration and production over the 31,000 square mile contract area and the company is committed to finding oil and gas offshore the Republic of Guinea."
Hyperdynamics Corp. provides energy for the future by exploring and producing sources of energy worldwide. The company's internationally active oil and gas subsidiary, SCS Corporation, owns rights to explore and exploit 31,000 square miles offshore the Republic of Guinea, West Africa. HYD Resources Corp. focuses on domestic production in proven areas.
- 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)