Hyperdynamics Corp (HDYNQ)

[whitenoize]

This was in regards to the SAPETRO farm out agreement which specified, more or less, that HDYN had to raise (or ability to obtain to SAPETRO's satisfaction) min $15 million prior to drilling.
I can dig up actual wording if needed.
While well costs could run over, I believe the company is in good shape for now.
I am also presuming that share payments to PACD were included in the total.
IMHO While this much dilution to fund half of a single well is hardly ideal, this removes much uncertainty from the valuation of a discovery. (and it could have been worse)

edit:

from April 19, 2017 Press Release

In addition to the earlier signed Farmout Agreement, SCS and SAPETRO agreed that SCS's "sufficient financing for the
Obligation Well Costs" shall be $15 million in "cash and committed financing to the satisfaction of SAPETRO acting
reasonably" in addition to costs already incurred, which sets a clear objective for both Parties to work to.

http://files.shareholder.com/downloads/HDY/5011724947x0x937927/39DB76BA-2904-457C-B493-D9EE4BECD1B9/HDYN_News_2017_4_19_News_Releases.pdf