In a just published Form 13, filed with the US Securities and Exchange Commission (SEC), Hyperdynamics Corporation (OTCMKTS:HDYN) reported that Pacific Drilling S.a. has picked up 5,362,382 of common stock as of 2017-06-16.
The acquisition brings the aggregate amount owned by Pacific Drilling S.a. to a total of 5,362,382 representing a 18.6% stake in the company.
For those not familiar with the company, Hyperdynamics Corporation is an independent oil and gas exploration company with prospects in offshore Republic of Guinea (Guinea) in Northwest Africa pursuant to rights granted to the Company by Guinea (the Concession) under a Hydrocarbon Production Sharing Contract (PSC). The Company’s primary focus is the advancement of exploration work in Guinea. The Company, through its subsidiary, SCS Corporation Ltd, conducts international oil and gas exploration activities in Guinea. The Company is conducting its work in Guinea under the PSC. The Company is having certain contractual rights to explore and exploit offshore oil and gas reserves, if any, off the coast of Guinea (the Contract Area). Its prospects are in an underexplored basin with Turbidite fans and four-way closures. As of June 30, 2016, the Contract Area in the Concession was 18,750 square kilometers. The Company has not generated any revenues.
A glance at Hyperdynamics Corporation (OTCMKTS:HDYN)’s key stats reveals a current market capitalization of $36.09 Million based on $21.87 Million shares outstanding and a price at last close of $1.65 per share.
Looking at insider activity, there are a few transactions worth noting.
Specifically, on 2017-06-05, Leonard picked up 68,494 at a purchase price of $1.46. This brings their total holding to 348,594 as of the date of the filing.
On the sell side, the most recent transaction saw Palmer unload 10,900 shares at a sale price of $0.56. This brings their total holding to 99,467.
It’s possible to gauge a company’s potential by tracking the activity of its major holders, as well as checking in on insider activity such as those transactions listed above. We’ll be keeping an Hyperdynamics Corporation (OTCMKTS:HDYN) as things move forward to see if its progress aligns with these transactions.
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