Hyperdynamics Corp (HDYNQ)

[lvl99]

Mike,

Didn't farm in deal include additional 37MM in appraisal well costs for a total of 101MM for 40% interest? It looks to me like it is a little more dire than picture you just painted. Per the 10Q, HDY has already incurred well costs against this 37MM cap as well as a projected additional 5MM for the drilling of the well (believe tullow last pegged cost at 115MM @ 37% HDY share= roughly 5MM or so. So any farm down would just about to towards increased well costs-- and this assumes no financial penalty for investigations or law suits.

Seems to me like companys survival comes down to well being drilled and obv. being a success which correct me I am wrong but isn't there a 20% chance of well hitting per tullow and NSAI?

Question to the board: what exactly happens to concession if hdy cant pay it's bills/fulfill obligations? I believe in concession just a travesty what has happened to this company. Fall 2010/spring '11 seem like a lifetime ago.