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Company Description (as filed with the SEC)
We are an independent oil and gas exploration company with large prospects in offshore Republic of Guinea (“Guinea”) in Northwest Africa pursuant to rights granted to us by Guinea (the “Concession”) under a Hydrocarbon Production Sharing Contract, as amended (“PSC”). We hold a 37% participating interest in the Concession after selling a 40% gross interest to Tullow Guinea Ltd. (“Tullow”) in fiscal 2013, and a 23% gross interest to Dana Petroleum, PLC (“Dana”), a subsidiary of the Korean National Oil Corporation in 2010. Tullow became the Operator of the Concession on April 1, 2013. We refer to Tullow, Dana and us in the Concession as the “Consortium”. Pursuant to the Share Purchase Agreement (“SPA”) between Tullow and us, Tullow agreed to pay all of our participating interest share of expenditures associated with joint operations in the Concession up to a gross expenditure cap of $100 million incurred during the carry period that began on September 21, 2013. ... More ...