Guinean Legislators to Consider Hyperdynamics' PSC
The National Assembly of the Republic of Guinea, in West Africa, has decided to call a special session, to begin on June 5, 2007, in which it will continue its consideration of Hyperdynamics Corp.'s 2006 Production Sharing Contract (PSC) for a "Project of Law" designation.
Entirely at their leisure and discretion, the elected representatives of the National Assembly use this legislative process to study major contracts and fully understand their impact on their country. With a positive vote by a majority of the members, the 2006 PSC would become a new "Project of Law", while remaining in accordance with the existing Guinea law known as the 1986 petroleum code, just as it is today.
The outcome reported Tuesday, leading to this announcement, was that the inter-parliamentary committee recommended that the new Ministry of Mines, which took office in March, be given a couple more weeks to read and review the 2006 PSC so that they have the chance to fully understand it. While a majority of the Assembly members have been well informed during the last month, the Assembly decided to give the Ministry of Mines more time to study the contract prior to proceeding on the file. Regardless of the outcome of this legislative process, Hyperdynamics will continue its work under the 2006 PSC.
When asked to comment, Famourou Kourouma, Vice President of Guinea Affairs, stated, "I believe that a vast majority of law makers in Guinea now understand the benefits of the 2006 PSC and will ultimately support the passage of the 'Project of Law' designation."
Hyperdynamics Corp.'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 Corporation 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)