NEW YORK (TheStreet) -- After enjoying triple-digit percentage gains over Monday, Hyperdynamics (HDY) stock is slipping lower. The oil and gas explorer exploded earlier in the week on news its drilling partner Tullow Oil had lifted a force majeure on a joint project in Guinea.
By midday Tuesday, shares are down 13.5% to $3.86. Over Monday, the stock exploded nearly 200%.
Tullow Guinea Limited provided notice to the Government of Guinea that it had lifted its Force Majeure effective from May 3.
"Diligent efforts are being made to satisfy the conditions to resuming petroleum operations which include clarification that the U.S. FCPA investigations of Hyperdynamics will not adversely affect Tullow's operations under the PSC," Hyperdynamics said in a statement.A force majeure was declared in March due to domestic regulatory investigations into Hyperdynamics. The Justice Department and SEC had been investigating Hyperdynamics' acquisition of exploration rights in Guinea. Must Read: Warren Buffett's 10 Favorite Growth Stocks STOCKS TO BUY: TheStreet's Stocks Under $10 has identified a handful of stocks that can potentially TRIPLE in the next 12-months. Learn more. HDY data by YCharts
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