Guinea: Hyperdynamics signs farmout

Hyperdynamics and South Atlantic Petroleum (SAPetro) signed a farmout agreement on 30 March for the Nigerian company to take 50% in Hyperdynamics’ offshore licence, in exchange for paying half the costs of the upcoming Fatala well. SAPetro, chaired by former Nigerian defence minister Theophilus Danjuma, will also pay past costs of some $9m. The farmout will significantly reduce the cost to Hyperdynamics of the delayed Fatala well, which the US company must start drilling by 30 May.