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Guinea: Hyperdynamics settles AGR case

Hyperdynamics and AGR Well Management have reached a settlement in their dispute over cost overruns for the Sabu well offshore Guinea, three weeks before the case was due to open in London. AGR provided project management services for Hyperdynamics’ subsidiary SCS Corporation for the well in 2011-12. Under the settlement, SCS will receive $17.7m from an escrow account previously established by the companies. The net proceeds to SCS will be $15.6m after reconciliation of a joint interest account with block partner Dana Petroleum.

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African Energy Gulf States Newsletter