Hyperdynamics: Tullow lifts declaration of Force Majeure
- Business & Finance
Hyperdynamics Corporation today announced that Tullow Guinea Limited provided notice to the Government of Guinea and the other members of the Consortium that Tullow has lifted, with effect from 3 May 2014, its declaration of Force Majeure under the Production Sharing Contract (PSC) and the Joint Operating Agreement.
Diligent efforts are being made to satisfy the conditions to resuming petroleum operations which include clarification that the U.S. FCPA investigations of Hyperdynamics will not adversely affect Tullow’s operations under the PSC. Hyperdynamics cannot predict the timing or outcome of these efforts.
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%.
Press Release, May 05, 2014