Seeking Alpha

Hyperdynamics -70% as partner claims force majeure in Guinea project

  • Hyperdynamics (HDY -70.5%) plunges at the open on news that Tullow Oil (TUWLF, TUWOY), one of its partners in an offshore exploration project in Guinea, is claiming that U.S. regulatory investigations into HDY constitute a force majeure.
  • Tullow, which had planned to start drilling a deepwater well by April 1, says it is unable to meet its contractual obligations and “cannot proceed with its activities on the license until these issues are resolved."
  • The Justice Department and SEC are probing HDY over the acquisition and retention of exploration rights in Guinea and have been examining how iron mining rights were awarded in the country’s Simandou area.
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