Hyperdynamics CEO says DOJ probe shouldn't affect Guinea drilling


A federal probe into Hyperdynamics' (HDY) business dealings is not expected to affect the company's ability to develop a massive oilfield off the coast of Guinea, according to CEO Ray Leonard.

HDY is exploring an 18,750 sq. km area off the African coast with Tullow (TUWLF.PK, TUWOY.PK) and KNOC'S Dana; Leonard says he hasn't discussed the probe yet with the partners.

Shares plunged 15% today after the Justice Department said late yesterday it had requested documents relating to HDY's business in Guinea.

Comments (1)
  • CiGarcia
    , contributor
    Comments (4) | Send Message
     
    Let me get this straight; the DOJ has opened an investigation, HDY's already volatile stock plummets -15% and HDY President/CEO Ray Leonard hasn't talked with his majority partners? I have been long this stock for years only because of the tremendous research showing the potential of their exploration. The same research that has attracted Tullow. But, I kick myself every time I see yet another piece of ill advised leadership and miss-management from Mr. Leonard. If indeed Leonard has not spoken with his partners relating to this matter, they have to be asking "what else hasn't he told us?" Undoubtedly business schools will use Leonard as a case study when discussing the "Peter Principle".
    2 Oct 2013, 12:22 AM Reply Like
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