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Tuesday, March 18, 2014 1:13:22 PM
So there is a DOJ investigation. IMHO this is an offshoot of some other investigation as that would be DOJ's normal MO. I sincerly doubt that this started by some out of the blue informant or tipster with alterior motives. HDY is commonly mentioned in the media hand in hand with the BSG investigation and it would not surprise me if there are not more than a few "common players" between the 2 companies and the government of Guinea. It's a small country.
An example is this article, which also might explain the departure of the last Minister of Mines in Guinea. (poor form to throw the President under the bus)
http://www.newsbase.com/newsbasearchive/news/afroil.pdf
"BSG also made reference to an alleged loan-for-asset deal by a
company, Palladino Capital 2. According to South Africa’s Mail &
Guardian newspaper, the company lent money to Guinea to create a
new state-run mining company but this cash, according to an
opponent of Conde, went to finance the president’s electoral
campaign. The Israeli company also complained of interference from George Soros and Global Witness.
The Mail & Guardian’s source was Guinea’s former mining minister,
Mahmoud Thiam, who had led the negotiations under which
Hyperdynamics relinquished two thirds of its acreage in 2009-10."
The US government for it's part has had long standing concerns FCPA concerns with HDY's operations as documented in these leaked cables:
Harry Briers Meeting Feb 5 2009
https://www.wikileaks.org/plusd/cables/09CONAKRY95_a.html?Cached
Ray Leanord Meeting sept 14 2009
https://www.wikileaks.org/plusd/cables/09CONAKRY559_a.html?Cached
The fact that neither government has acted up to this point; the fact that the PSA has been renogiated and ratified in good faith; and the distant time frame for the allegations (I don't even remember things from last year) lend themselves to the argument that HDY is no danger of loosing their lease over these allegations.
In that resepct I feel that Tullows assertion of FM is pretty much baseless and IMHO a business tactic of some nature.
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