Hyperdynamics president and chief executive officer Ray Leonard said the agreement with Tullow will improve the future of the company’s Guinea exploration program.
"Tullow fulfills all the requirements we were looking for: expertise and exploration success in the Atlantic Margin off West Africa — particularly the Transform Margin play that is present on the Guinea acreage — along with experience in deepwater production, the financial strength needed to explore this large block and availability of a suitable rig to initiate the deepwater drilling," Leonard added.
The deal is subject to the approval of Guinea’s Ministry of Mines and Geology and other conditions and due diligence.
Upon closing of the transaction, Tullow will hold 40%, SCS will hold 37%, and Dana Petroleum E&P will have 23% in the concession.
The partners are planning to drill a well to test a deepwater fan prospect before 1 April 2014.
