Trial date set for Guinea well dispute

A 24 May case management conference heard initial submissions in a tripartite case pitting SCS Corporation against AGR Well Management and drilling company Jasper Offshore. Hyperdynamics subsidiary SCS alleges that AGR – introduced by joint venture partner Dana Petroleum – caused the project to overrun and costs to balloon through inefficiency and incompetence. Singapore-based Jasper, which AGR contracted separately to undertake the drilling, has counter-claimed against AGR for $10m in outstanding invoices. SCS seeks indemnification of $47.3m, having paid AGR $107.6m for the project, while leaving $19.2m in an escrow account pending resolution of the dispute.