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The letter of intent (LoI), which is non-binding and gives Dana exclusive negotiating rights for the 23% share, calls for Dana to take a participating interest in Hyperdynamics's concession in exchange for total consideration of $20 million.
This includes $5 million in cash payable upon execution of the definitive agreements and, where applicable, their entry into full legal effect pursuant to the laws of Guinea. The remaining $15 million is payable at Dana's option in either cash or newly issued ordinary shares of Dana.
It would be paid upon the conclusion by March 2010 of a review by the government of Guinea and Hyperdynamics of its 2006 production sharing contract pursuant to the terms of a memorandum of understanding signed in September 2009 and the effectiveness of any resulting revisions or amendments.
The LoI with Dana contemplates that the two companies will work to sign definitive documents no later than December 31, 2009; the LoI otherwise terminates unless extended by further agreement.
Dana has the option to negotiate with Hyperdynamics to take up to an additional 27% of the concession, with consideration to be separately negotiated, if Hyperdynamics does not sign a LoI for a participating interest with an additional exploration and production company with the financial and technical capability to operate in deep water off the coast of West Africa by November 30, 2009.
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