Attached files
file | filename |
---|---|
8-K - HYPERDYNAMICS CORP | v168355_8-k.htm |
EX-99.1 - HYPERDYNAMICS CORP | v168355_ex99-1.htm |
EX-10.1 - HYPERDYNAMICS CORP | v168355_ex10-1.htm |
Exhibit
10.2
|
December
2, 2009
Stuart
Paton
Technical
and Commercial Director
Dana
Petroleum
17 Carden
Place
Aberdeen,
AB10 1UR, Scotland, UK
Subject:
Renewal of Offer for Buyer’s Option to Increase Dana’s Participating
Interest
Dear
Stuart:
I am
writing to confirm our offer, consistent with the principles pursuant to our
Letter of Intent, that Dana may acquire an increased participating interest in
the PSC and be the designated operator upon a reasonable time in the event of
the termination of our present letter of intent with Repsol, should that occur
without leading to an executed Sales and Purchase Agreement and our inability to
obtain the participation of another major oil company.
Presently,
we feel that a reasonable period would be ninety days after we have notified
Dana of our receipt of unequivocal notice of Repsol’s termination of its letter
of intent. This would allow us to bring on a major company with the
financial and technical abilities to assume the Operator’s function as
envisioned in the LOI. As set out in our Letter of Intent, once the ninety-day
period has passed, if we have not secured the participation of such a
company, Dana may, by notifying us in writing within a reasonable time, acquire,
subject to all necessary governmental approvals, up to an additional
twenty-seven percent interest for a maximum total participating interest of
fifty percent on the same terms and conditions, mutatis mutandis, as those
set forth in our sales and purchase agreement other than financial
consideration, which shall be subject to the future mutual agreement of the
parties. Additionally, if Dana so acquires the full additional
twenty-seven percent then it will be the designated Operator, subject always to
all necessary governmental and third party approvals. We anticipate
that, as a practical matter, Dana and Hyperdynamics will likely have entered
into a Sales and Purchase Agreement, terminating our Letter of Intent, by the
time such a termination of a Repsol acquisition occurs. We feel that
seven days should be a reasonable time for Dana to notify us in writing of your
intent to increase your participating interest.
If you
agree to the terms and conditions set forth above, please indicate your
agreement below.
Very
truly yours,
/s/ Ray
Leonard
Ray
Leonard, President and Chief Executive Officer
AGREED
AND ACCEPTED:
/s/ Stuart
Paton
Stuart
Paton
One Sugar Creek Center, Suite
125 s Sugar Land, TX 77478 s 713-353-9400 s 713-353-9421 fax s www.hyperdynamics.com