Hyperdynamics Corp (HDYNQ)

[whitenoize]

When the going gets weird the weird turn pro.
So things to continue to progress towards drilling except for the growing elephant in the room.
Per the 10Q, the company is paying $100K per day to have the drillship in Guinean waters. This is payable in stock at a weighted average price. This ends when the company provides a 28 day notice to commence drilling or July 17th ( I don't want to speculate which will come 1st).
While they have a received a letter of waiver from SAPETRO on the Apr 10th funding in place requirement of the agreement, they still are required to have $15M funding in place prior to closing the agreement. Otherwise the company gives up 2% of the concession for ever $1M shortfall of that amount.
I really see a need for the funding gap to be closed sooner than later. There are too many things stacking up against this need. Such as the remainder of drilling equipment and support contracts, retaining the drillship, and farmout closure. They can only continue to come up with extensions, waivers, and creative dealings for so long here. It would also be beneficial for shareholder to know what they they own (or are purchasing) as far as percentage of concession and dilution.
Still hanging in there!