Hyperdynamics Corporation announced that in September 2013 it received a subpoena from the United States Department of Justice (DOJ) requesting that the Company produces documents relating to its business in Guinea.
In 2006, a Production Sharing Contract was signed by the Company and the government of Guinea granting rights to an oil and gas concession offshore Guinea. The Company understands that the DOJ is investigating whether Hyperdynamics’ activities in obtaining and retaining the concession rights and its relationships with charitable organizations potentially violate the U.S. Foreign Corrupt Practices Act or U.S. anti-money laundering statutes. The Company has retained legal counsel to represent it in this matter and is cooperating fully with the government.
“The Company is unable to predict when the investigation will be completed, what outcome may result and what costs the Company will incur in the course of the investigation,” Hyperdynamics said in a statement.
[mappress]
Press Release, October 1, 2013