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HDY > SEC Filings for HDY > Form 8-K on 22-May-2014All Recent SEC Filings

Show all filings for HYPERDYNAMICS CORP



Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement

On May 16, 2014, Hyperdynamics Corporation (the "Company" or "Hyperdynamics") entered into a settlement agreement with AGR Well Management Ltd. ("AGR") involving litigation in London. AGR provided project management services for Hyperdynamics' subsidiary, SCS Corporation Ltd. ("SCS") in connection with the drilling of the Sabu #1 well offshore Guinea in 2011-2012. SCS has received U.S. $17.7 million from the escrow account previously established by the parties in connection with the settlement. The claims by SCS and counterclaims of AGR have been released, with related indemnification, and the litigation will be terminated. The net proceeds to SCS will be approximately $15.6 million, after reconciliation of the joint interest account with Dana Petroleum, the other working interest holder during the drilling.

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