SCS Farms Into West African Offshore Acreage
HyperDynamics' subsidiary, SCS Corporation, entered into an oil & gas farmout agreement with USOil Corporation.
Under this agreement, SCS obtained all the rights and obligations pertaining to the new November 2002 Production and Sharing Agreement between USOil and the Republic of Guinea.
Neil Moore, President of SCS Corporation, commented, "We have begun work to perform under the new PSA and are actively negotiating with possible exploration and drilling partners to help meet and exceed our minimum requirements. This is a very large area so we plan to contract with some of the most experienced companies in the industry to help us explore and exploit the entire area over the coming months and years."