Hyperdynamics says it has received a Presidential Decree signed by the President of the Republic of Guinea, Alpha Condé (photo), effecting the agreed terms for an offshore block in the country.

The oil and gas exploration company, which has an offshore block in the country, signed the Second Amendment to its Production Sharing Contract which was approved by the government on September 15, 2016, dependent on the president’s approval. This Second Amendment extends the term of the Production Sharing Contract till September 22, 2017 and confirms the company as the 100% interest holder and operator of the Production Sharing Contract.

“The signature by Guinea’s President Conde implementing the Second Amendment to our Production Sharing Contract is the final step that clears the way for Hyperdynamics to resume exploration of Guinea’s vast and largely untested hydrocarbon resource potential as Operator and 100% owner of our concession,” Ray Leonard, Hyperdynamics’ President and Chief Executive Officer, told Offshore Energy Today.

Hyperdynamics holds an area of 5,000 km² offshore Guinea. The company is obliged to drill one exploratory well expected to commence by April 2017, with additional wells optional.

Anita Fatunji