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News Breaks | | | | October 29, 2012 | | 07:55 EDT |  | HDY | Hyperdynamics announces period of exclusive negotiations
Hyperdynamics announced that its wholly owned subsidiary, SCS Corp., or SCS, has entered into an agreement with a subsidiary of Tullow Oil plc, a leading independent oil & gas exploration company, for exclusive negotiations in respect of a potential acquisition of a 40% gross interest in the Concession offshore Guinea. The exclusivity period is scheduled to terminate on Nov. 19. In the event that a definitive agreement for the acquisition of the Interest is entered into during the exclusivity period, it will be subject to customary provisions relating to the satisfaction of certain conditions precedent prior to completion of acquisition. In the event that a definitive agreement for the acquisition is entered into, completion of the transaction is expected to take place by year end 2012. | |
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