Key Developments: Hyperdynamics Corp (HDY.N)
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Latest Key Developments (Source: Significant Developments)
Hyperdynamics Corp's SCS Corporation Ltd Completes Sale of 40% Interest in Guinea Concession to Tullow Oil PLC's Tullow Guinea Ltd
Hyperdynamics Corp announced that its wholly owned subsidiary, SCS Corporation Ltd, has completed the previously announced sale of a 40% gross interest in the Company's oil and gas exploration concession offshore Guinea to Tullow Guinea Ltd., a subsidiary of U.K.-based Tullow Oil PLC. Guinea's Ministry of Mines and Geology formally approved the sale by issuing an Arrete on December 27, the transaction closed December 31, 2012 , and Tullow has transferred the $27 million cash payment to SCS. Tullow will also carry SCS' participating interest share of future expenses, up to a gross expenditure cap of $100 million, from the date of entry into the next exploration period until 90 days after the drilling of the well. Full Article
Hyperdynamics Corp's SCS Corporation Ltd Enters Into Agreement With Tullow Oil plc's Subsidiary
Hyperdynamics Corp announced that its wholly owned subsidiary, SCS Corporation Ltd, (SCS) has entered into an agreement with a subsidiary of Tullow Oil plc, a independent oil & gas exploration company, for exclusive negotiations in respect of a potential acquisition of a 40% gross interest (the Interest) in the Concession offshore Guinea. The exclusivity period is scheduled to terminate on November 19, 2012. 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. Full Article
HyperDynamics Corporation Files Suit Against AGR Well Management Limited
HyperDynamics Corporation announced that its wholly owned subsidiary, SCS Corporation, has filed suit against AGR Well Management Limited following unsuccessful negotiations to address cost overruns associated with the Sabu-1 well drilled off the coast of the Republic of Guinea. The Sabu-1 well was spud in October of 2011 and completed early this year. Full Article
Law Firm of Levi & Korsinsky Notifies Investors With Losses On Investment In Hyperdynamics Corporation
Levi & Korsinsky announced that a class action lawsuit has been commenced in the United States District Court for the Southern District of Texas, Houston Division on behalf of investors who purchased Hyperdynamics Corporation stock between February 17, 2011 and February 15, 2012. The complaint alleges that defendants concealed the fact that due to numerous cost overruns and logistical delays, as well as mechanical and operational issues in connection with the spudding of its Sabu-1 well, the Company could not begin drilling on the Baraka-1 well. Furthermore, despite its public statements to the contrary, Hyperdynamics did not possess adequate funds to drill both wells. On January 30, 2012, Hyperdynamics announced that due to higher than anticipated drilling costs at the Sabu-1 well, the Company announced plans to raise $30 million through a common stock offering. On this news, Hyperdynamics stock declined $0.77 per share to close at $2.60 per share on January 30, 2012. Then, on February 15, 2012, the Company announced disappointing results from the Sabu-1 exploration well, reporting only non-commercial quantities of oil present. In reaction, Hyperdynamics stock dropped $0.58 per share to close at $1.44 per share. Full Article
Faruqi & Faruqi, LLP Announces Investigation Of HyperDynamics Corporation
Faruqi & Faruqi, LLP, a national securities law firm, announced that it is investigating potential securities fraud at Hyperdynamics Corporation The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) Hyperdynamics was from suffering numerous cost overruns and delays; (2) the Company had far greater exposure to liquidity concerns than it had previously disclosed; and (3) based on the foregoing, defendants lacked a reasonable basis for their positive statements about the Company's drilling operations or the prospective value of the Company's Gulf of Guinea oil and gas concessions. Full Article
HyperDynamics Corporation To Commence Farm-Out Of Portion Of Offshore Guinea Interest
HyperDynamics Corporation announced that it has engaged BofA Merrill Lynch as financial advisor to assist the Company in connection with a potential sale of a portion of its 77% interest in the 25,000-square-kilometer oil and gas exploration concession offshore Guinea in West Africa. Hyperdynamics is seeking to sell, or farm-out, approximately half of its interest in the concession to an experienced oil and gas company that would also serve as operator of the project going forward. The farm-out process is expected to begin in the second quarter of 2012. Full Article
Izard Nobel LLP Announces Class Action Lawsuit Against HyperDynamics Corporation
Izard Nobel LLP, which has experience representing investors in prosecuting claims of securities fraud, announced that a lawsuit seeking class action status has been filed in the United States District Court for the Southern District of Texas on behalf of purchasers of the publicly traded securities of Hyperdynamics Corporation ("Hyperdynamics" or the "Company") between February 17, 2011 and February 15, 2012, inclusive. Also included are those who purchased Hyperdynamics common stock in a Secondary Offering on or about March 25, 2011. The Complaint alleges that Hyperdynamics, an independent oil and gas exploration company engaged in the development of prospects offshore the Republic of Guinea ("Guinea") in West Africa, and certain of its officers and directors violated the federal securities laws. Specifically, defendants concealed facts from the investing public during the Class Period: due to numerous cost overruns and delays, including logistical delays resulting from limited port facilities in Guinea as well as issues related to mechanical and operational matters surrounding the drilling of the Sabu-1 well, the Company would be unable to commence drilling on the Baraka-1 well; Hyperdynamics had far greater exposure to liquidity concerns than it had previously disclosed; and based on the foregoing, defendants lacked a reasonable basis for their positive statements about the Company's drilling operations or the prospective value of the Company's oil and gas concessions. Full Article
Brower Piven Encourages Investors Who Have Losses In Excess Of $300,000 From Investment In Hyperdynamics Corporation
Brower Piven, A Professional Corporation announced that a class action lawsuit has been commenced in the United States District Court for the Southern District of Texas on behalf of purchasers of the securities of Hyperdynamics Corporation ("Hyperdynamics" or the "Company") during the period between February 17, 2011 and February 15, 2012, inclusive (the "Class Period"). No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than June 4, 2012 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff. Full Article
Bernstein Liebhard LLP Files Class Action Against Hyperdynamics Corporation
Bernstein Liebhard LLP announced that a securities class action has been commenced in the United States District Court for the Southern District of Texas on behalf of purchasers (the "Class") of Hyperdynamics Corporation ("Hyperdynamics" or the "Company") publicly traded securities during the period between February 17, 2011 and February 15, 2012 (the "Class Period"). The complaint charges Hyperdynamics and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Hyperdynamics is an independent oil and gas exploration company engaged in the development of prospects offshore of the Republic of Guinea ("Guinea") in West Africa. The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Company's business and financial results. As a result of defendants' false statements, Hyperdynamics stock traded at artificially inflated prices during the Class Period, reaching a high of $6.35 per share on March 4, 2011. Full Article
Robbins Umeda LLP Announces Filing Of Class Action Suit Against HyperDynamics Corporation
Shareholder rights firm Robbins Umeda LLP announced the filing of a federal securities class action by an investor in the U.S. District Court for the Southern District of Texas, Houston Division, on behalf of purchasers of Hyperdynamics Corporation shares between February 17, 2011 and February 15, 2012 (the Class Period). The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Company’s business and financial results. In particular, the complaint alleges that defendants concealed the fact that due to numerous cost overruns and logistical delays, as well as mechanical and operational issues in connection with the drilling of its Sabu-1 well, the Company could not begin drilling on the Baraka-1 well. Furthermore, despite its public statements to the contrary, Hyperdynamics did not possess adequate funds to drill both wells. On January 30, 2012, Hyperdynamics announced that due to higher than anticipated drilling costs at the Sabu-1 well, the Company planned to raise $30 million through an offering of the Company’s common stock. On this news, the price of the Company’s stock declined $0.77 per share, or 23%, to a close of $2.60 per share on January 30, 2012. Then, on February 15, 2012, the Company announced disappointing results from the Sabu-1 exploration well, reporting only non-commercial quantities of oil present. Full Article
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