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Article: Hyperdynamics Signs Letter of Intent with Dana Petroleum for Participating Interest in Guinea Oil and Gas Concession.
- Article from:
- Energy Weekly News
- Article date:
- November 6, 2009
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Hyperdynamics Corporation (NYSE Amex: HDY) announced it has signed a letter of intent with Aberdeen-based Dana Petroleum PLC under which the two companies will negotiate the assignment of a 23 percent participating interest in Hyperdynamics' oil and gas concession offshore the Republic of Guinea.
The letter of intent, which is non-binding and gives Dana exclusive negotiating rights for the 23% share, calls for Dana to take a participating interest in Hyperdynamics' concession in exchange for total consideration of U.S. $20 million. This includes $5 million in cash payable upon execution of the definitive agreements and, where applicable, their entry into full ...