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.

Comments (0)
Be the first to comment
DJIA (DIA) S&P 500 (SPY)
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs