Attached files
| file | filename |
|---|---|
| 8-K - HYPERDYNAMICS CORP | v168355_8-k.htm |
| EX-10.1 - HYPERDYNAMICS CORP | v168355_ex10-1.htm |
| EX-10.2 - HYPERDYNAMICS CORP | v168355_ex10-2.htm |
Exhibit
99.1
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NEWS
RELEASE
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Contacts:
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Dennard Rupp Gray
& Easterly, LLC
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Ken
Dennard, Managing Partner
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Jack
Lascar, Partner
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(713)
529-6600
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Anne
Pearson, Sr. Vice President
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(210)
408-6321
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Hyperdynamics
Signs Binding Sale and Purchase Agreement with Dana Petroleum for Participating
Interest in Guinea Oil and Gas Concession
Sugar Land, Texas, December 7,
2009 – Hyperdynamics Corporation (NYSE Amex: HDY) today announced it has signed
a binding sale and purchase agreement (S&PA) with Aberdeen-based Dana
Petroleum PLC (LSE: DNX) under which Dana has agreed to acquire, through its
subsidiary, Dana Petroleum (E&P) Limited, a 23 percent participating
interest in Hyperdynamics’ oil and gas concession offshore the Republic of
Guinea. This S&PA is broadly similar to the letter of intent signed with
Dana on October 19, 2009. The sale is expected to close by January 31, 2010,
subject to customary closing conditions and government approvals.
Upon
closing of the sale, Dana will pay Hyperdynamics a pro rata portion of accrued
expenses associated with the Company’s ongoing 2-D seismic program. Dana will
then pay Hyperdynamics $19.6 million upon the conclusion of a review by the
government of Guinea and Hyperdynamics of its 2006 Production Sharing Contract
pursuant to the terms of a Memorandum of Understanding signed in September and
the effectiveness of any resulting revisions or amendments, which review is
expected to be completed by March 2010. Of the $19.6 million, Dana will pay $5.0
million in cash and the remaining $14.6 million will be paid in either cash or
shares of Dana Petroleum PLC, at Dana’s sole option. Should Dana choose to pay
in stock, there would be no restriction on the immediate resale of these shares
by Hyperdynamics.
“This is
an important step forward in completing the commercial agreements for our
alliance in the Guinea project” said Ray Leonard, Hyperdynamics’ President and
CEO
On
November 30, 2009, Hyperdynamics signed an agreement for exclusive dealing and
letter of intent (the “LOI”) with Spanish-based Repsol YPF, S.A. under which the
two companies will negotiate the assignment to Repsol of a 37 percent interest
in Hyperdynamics’ oil and gas concession offshore the Republic of Guinea. Under
the terms of this LOI with Repsol, the two companies will work to sign
definitive documents no later than January 31, 2010. Under a separate
letter agreement between Hyperdynamics and Dana, in the event that
Hyperdynamics’ present letter of intent with Repsol YPF, S.A., terminates
without a successful assignment, Hyperdynamics would have 90 days to secure the
participation of an alternative major company with the financial and technical
capability to operate in deep water off the coast of West Africa. After that 90
day period, Dana would have the option to negotiate with Hyperdynamics to take
up to an additional 27 percent of the concession, with consideration to be
separately negotiated, and to be designated operator of the Guinea
concession.
Based in
Aberdeen, Scotland, Dana has both production and exploration operations in the
North Sea and Egypt, as well as additional exploration activities offshore
Mauritania, Morocco and Senegal. It is traded on the London Stock Exchange, with
a market capitalization of approximately U.K. 1.3 billion pounds Sterling. Dana
reported that last year it produced more than 39,000 barrels of oil equivalent
per day and had proved and probable reserves of 194 million barrels of oil
equivalent at year-end 2008.
About
Hyperdynamics
Hyperdynamics is
an emerging independent oil and gas exploration and production company that is
exploring for oil and gas offshore the Republic of Guinea in West Africa. To
find out more, visit our website at www.hyperdynamics.com.
Forward
Looking Statements
This news
release and the Company's website referenced in this news release contain
forward looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended, regarding Hyperdynamics Corporation’s future
plans and expected performance that are based on assumptions the Company
believes to be reasonable. Statements preceded by, followed by or that otherwise
include the words “believes”, “expects”, “anticipates”, “intends”, “projects”,
“estimates”, “plans”, “may increase”, “may result”, “will result”, “may
fluctuate” and similar expressions or future or conditional verbs such as
“will”, “should”, “would”, “may” and “could” are generally forward-looking in
nature and not historical facts. A number of risks and uncertainties could cause
actual results to differ materially from these statements, including without
limitation, funding and exploration efforts, fluctuations in oil and gas prices
and other risk factors described from time to time in the Company’s reports
filed with the SEC, including the Company’s Annual Report on Form 10-K for the
fiscal year ended June 30, 2009. The Company undertakes no obligation to
publicly update these forward looking statements to reflect events or
circumstances that occur after the issuance of this news release or to reflect
any change in the Company's expectations with respect to these forward looking
statements.
HDY-IR
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