Hyperdynamics Corp. and its subsidiary, SCS Corp., leveled lawsuits against Tullow Guinea Ltd. and Dana Petroleum Monday, alleging Tullow and Dana did not follow through on the terms of a joint operating agreement (JOA).
Hyperdynamics also claims that officials of the companies have refused to sign a production sharing contract with the government of Guinea connected to a well-drilling project in offshore Guinea. The companies' alleged refusal to adhere to the agreement has caused project delays and losses.
Court records indicate the product sharing contract has been initialed by Tullow,
an offshoot of Irish company Tullow Oil, representatives, but the companies have proceeded to send the document back and forth multiple times and have continued to "insist the other must sign first and even ignoring Hyperdynamics' suggestion that they sign simultaneously."
"We bring these lawsuits with reluctance, and only after concluding that all other avenues available to us have been exhausted," Ray Leonard, Hyperdynamics president and CEO, said. "Having watched Dana and Tullow send the unsigned PSC amendment back and forth to each other repeatedly, we determined that neither of our partners was prepared to honor the commitments made to us and to the government of Guinea to proceed with drilling. We therefore had no choice but to pursue our rights by the only means left open to us. We plan to continue with all efforts to get this well drilled."
More information about the legal action and Hyperdynamics is available at www.hyperdynamics.com.
Dana is a company of Korean National Oil Co.
More Stories
- Sierra Leone launches initiative empowering over 2,700 youths across multiple sectors
- South Korean delegation discusses cooperation with President Julius Maada Bio
- Sierra Leone hosts state dinner for Liberian president's official visit
- St Helena celebrates 25 years of GIS Day with new technological advances
- ECOWAS delegation visits Guinea for early warning center launch
- ECOWAS signs academic agreement with Africa Centre for Strategic Studies
- Presidents of Sierra Leone and Liberia discuss strengthening regional cooperation
- ECOWAS reviews SIGMAT implementation to boost trade integration
- Liberian president visits Sierra Leone for official discussions
- ECOWAS Commission engages at COP29 to advance climate action