Guinea: SAPetro in talks on farm-in

Hyperdynamics has signed a letter of intent for Nigeria’s South Atlantic Petroleum (SAPetro) to take a 20% stake in the company’s offshore oil and gas concession where a well is due next year. The letter of intent, which is non-binding, calls for SAPetro to take a 20% participating interest in exchange for paying 40% of the costs of the upcoming Fatala well up to a $50m cap of predicted total well costs. Above that amount, SAPetro would pay its proportional 20% share.