Hyperdynamics Corp., an emerging independent oil and gas exploration and production company operating exploration efforts offshore the Republic of Guinea in West Africa, today announced a private placement agreement with affiliates of one of the world’s leading investment management firms, BlackRock.
Per the agreement, Hyperdynamics will sell 15 million common shares at $2 per share to BlackRock, an aggregate value of $30 million, resulting in BlackRock owning approximately 12 percent of Hyperdynamic common shares.
Hyperdynamics said it will use the net proceeds from the sale to facilitate the drilling of its exploration program scheduled to start in late 2011, as well as for working capital and general corporate purposes.
Ray Leonard, Hyperdynamics president and CEO, noted BlackRock’s solid reputation in the energy investment community, and said the funding provides Hyperdynamics to move forward with its efforts in Guinea.
“We are very pleased that a company with the stature of BlackRock, which is one of the world’s largest asset managers and a major investor in the energy industry, sees strong value in Hyperdynamics,” Leonard stated in the press release. ”The financial backing from BlackRock provides us with additional flexibility in determining our plans regarding sales of additional participation interests in the oil and gas concession in offshore Guinea while continuing to serve as operator.”
Hyperdynamics operates and owns a 77 percent stake in a 9,650-square-mile oil and gas concession in offshore Guinea; U.K.-based Dana Petroleum owns the remaining 23 percent of the license.
For more information visit www.hyperdynamics.com
Let us hear your thoughts below: