Guinea: Tullow, Dana quit offshore

Tullow Oil and Dana Petroleum have reached a settlement with Hyperdynamics subsidiary SCS Corporation in their dispute over drilling plans. The two companies have pulled out of the production-sharing contract (PSC), and transferred their interest in the long-lead items purchased by the consortium in preparation for the drilling of the Fatala well. Hyperdynamics has agreed a one-year extension to the PSC covering a smaller area, with a commitment to drill a well next year. In January 2016, Hyperdynamics took legal action against Tullow and Dana, saying they had failed to meet their obligations under the joint operating agreement and the PSC which required a well to be drilled by September 2016.