Guinea: Hyperdynamics close to the wire on drill deadline

Hyperdynamics lacks the cash to fund its well obligation and has yet to close a farm-out deal with South Atlantic Petroleum (SAPetro). President and chief executive Ray Leonard told a conference call with investors on 3 March that the company was ready to drill the deep-water Fatala well but lacked the necessary funds. With licence expiry looming in September, “the cash position has become critical” and the company is arranging bridge financing, he said.