In the deal, as part of an ongoing agreement entered into last year, Rabb Resources has agreed to assign Trendsetter an 85% working interest in the new lease.
The lease contains an important salt water disposal well which is necessary to streamline and reduce the cost of production. Located on the lease are three shut-in wells that were plugged because of poor economics in the past. With the price of oil over $130, their viability has drastically changed.
Kent Watts, CEO of Hyperdynamics, said: In addition to this lease, we hope to soon add several more producing leases, continuing to build domestic downstream operations, as we intensely focus on our exploration to discover reserves offshore Guinea.
