Houston headquartered Hyperdynamics has filed for Chapter 7 bankruptcy relief.
The firm, which is focused on exploring offshore the Republic of Guinea, says it had reviewed and analyzed its options, including raising more finance, selling assets, Chapter 7 bankruptcy relief, and other options.
But, due to an inability to secure additional liquidity in order to pursue a company reorganisation or sale without impairing the firm's assets, or that of its subsiduary, SCS, Chaptor 7 was chosen. SCS has also filed for Chapter 7 Bankruptcy relief.
Hyperdynamics holds a 50% interest in and is the operator of a Concession covering approximately 5000sq km in partnership with South Atlantic Petroleum (SAPETRO).
In September, Hyperdynamics said it would seek a two-year appraisal period to test the Fatala prospect area for commercial resources, but would go it alone, after partner South Atlantic Petroleum (Sapetro) decided to withdraw from the joint operating agreement (JOA) and production sharing contract (PSC).
This was after the Fatala-1 well, drilled in September, failed to discover hydrocarbons.
The firm has assets worth US$100,001 - $500,000, according to the Chapter 7 Bankruptcy petition, and $100,001 - $500,000 in liabilities, with 50-99 creditors.
Read more