Monday, March 17, 2014 6:53:11 PM
Tullow Asserts Force Majeure Event on Offshore Guinea Project
Link
HOUSTON, March 12, 2014 /PRNewswire/ -- Hyperdynamics Corporation (NYSE: HDY) today announced that Tullow Guinea Limited ("Tullow") asserted on March 11, 2014 to the Government of Guinea and members of the Consortium its claim that there has been a Force Majeure event under the Production Sharing Contract (PSC) and the Joint Operating Agreement (JOA). The members of the Consortium and their participating interests in the Concession from the Government of Guinea granting exploration rights offshore Guinea are Tullow - 40%, Hyperdynamics' subsidiary, SCS Corporation - 37% and Dana Petroleum (E&P) Limited - 23%.
Tullow states in its notice that the decisions by the U.S. Department of Justice (DOJ) and the U.S. Securities and Exchange Commission (SEC) to open investigations into the activities of Hyperdynamics in obtaining and retaining the Concession rights (publicly disclosed by Hyperdynamics on September 30, 2013 (DOJ) and February 7, 2014 (SEC)) constitute a Force Majeure event under the terms of the PSC and JOA. Tullow states in its notice that the asserted Force Majeure event prevents Tullow from performing its contractual obligations under the PSC.
Hyperdynamics is unable to predict the outcome or timing of the results of Tullow's assertion of the Force Majeure.
North Bay Resources Commences Operations at Bishop Gold Mill, Inyo County, California; Engages Sabean Group Management Consulting • NBRI • Sep 25, 2024 9:15 AM
CEO David B. Dorwart Anticipates a Bright Future at Good Gaming Inc. Through His Most Recent Shareholder Update • GMER • Sep 25, 2024 8:30 AM
Cannabix Technologies and Omega Laboratories Inc. Advance Marijuana Breathalyzer Technology - Dr. Bruce Goldberger to Present at Society of Forensic Toxicologists Conference • BLOZF • Sep 24, 2024 8:50 AM
Integrated Ventures, Inc Announces Strategic Partnership For GLP-1 (Semaglutide) Procurement Through MedWell USA, LLC. • INTV • Sep 24, 2024 8:45 AM
Avant Technologies Accelerates Creation of AI-Powered Platform to Revolutionize Patient Care • AVAI • Sep 24, 2024 8:00 AM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM