In September 2009, Hyperdynamics and the Republic of Guinea entered into an MoU that called for a review of the commercial terms of the PSC to bring them in line with international standards. The MoU provided for a six-month negotiating period intended to culminate in an agreed PSC amendment.
Ray Leonard, president and CEO of Hyperdynamics, said: “Today we received notice in writing from the Minister of Mines and Geology of the extension designed to allow the government to complete its review of the proposed amendment.
“The PSC amendment must be reviewed by the council of ministers, and we applaud the increasingly transparent approval process. We look forward to continuing to work with the Guinean government in the search for offshore oil and gas.”
