HDY in Negotiations For Farming Out Of A Portion Of Its Interest In Its Concession Offshore Guinea
October 6th, 2011 at 3:15 am Posted by The Dean
Hyperdynamics Corporation (AMEX:HDY) was flat at its trade close price of $3.55; at which it had closed the day before; after hitting its new 52-week high of $4.00 on the Company’s announcement of being involved in excusive negotiations with a large independent oil and gas company after signing a non binding Letter of Intent.
Shares of the Company gained 45 cents to hit its 52-week high of $4.00 and closed at $3.44 after trading in the range of $3.35-$4.00 on high volume of 4.06 million shares almost 4 times its average trading volume of 0.886 million shares. Hyperdynamics’ market capitalization at the current market price is $427.47 million on 124.26 million shares outstanding.
The negotiations relate to the Company’s farming out of a portion of its interest in its concession offshore Guinea and negotiation period extends up to January 27, 2010. The Company had on November 4, 2010 entered into a definitive agreement involving the private placement of 15 million common shares of HYD at a price of $2.00 per share to totaling $30 million for the drilling of Hyperdynamics’ exploration program offshore Republic of Guinea that is scheduled to start in late 2011.
The initial exploring project scheduled for the fourth quarter of 2011 will be managed by AGR Peak Well Management Limited including well construction project management services, including logistics, tendering for materials and services, as well as overall management responsibilities for the drilling program.
Hyperdynamics Corporation is an exploration-stage company which through its wholly owned subsidiary, SCS Corporation (SCS) possesses contract rights for and engage in the exploration and exploitation of oil and gas in an approximately 9,650 square mile concession off the coast of the Republic of Guinea in West Africa.
