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Hyperdynamics Corp settles litigation with AGR

Friday, 16 May 2014 01:20pm EDT 

Hyperdynamics Corp:Settles litigation in London involving AGR Well Management Ltd (AGR).AGR provided project management services for Hyperdynamics' subsidiary, SCS Corporation Ltd. (SCS), in connection with drilling of the Sabu #1 well offshore Guinea in 2011-2012.SCS will receive $17.7 mln from escrow account previously established by parties.Claims by SCS and counterclaims of AGR will be released, and litigation will be terminated.Net proceeds to SCS will be about $15.6 mln, after reconciliation of joint interest account with Dana Petroleum, other working interest holder during the drilling. 

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0.05 +2.99%
24 Oct 2014