NEW YORK (TheStreet) -- Hyperdynamics (HDY) stock shot higher Friday afternoon on news it settled litigation in London involving AGR Well Management.
AGR provided project management services for Hyperdynamics' subsidiary, SCS Corporation, in connection with the drilling of the Sabu #1 well offshore Guinea in 2011-2012.
SCS Corporation will receive $17.7 million from the escrow account previously established by the parties. Net proceeds to SCS will be approximately $15.6 million, after reconciliation of the joint interest account with Dana Petroleum, the other working interest holder during the drilling.
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By market close Friday, shares were up 16.7% to $3.08.