HRT, TNK-Brasil and Petrobras sign an Amendment to the Letter of Intent for
the Monetization of the Natural Gas in Solimões
RIO DE JANEIRO, Dec. 17, 2012 /CNW/ - HRT Participações em Petróleo S.A.
(the "Company" or "HRT") (BM&FBOVESPA: HRTP3, TSX-V: HRP) announces that its
subsidiary HRT O&G Exploração e Produção de Petróleo Ltda. ("HRT O&G"),
Petróleo Brasileiro S.A. ("Petrobras") and TNK-Brasil Exploração e
Produção de Óleo e Gás Natural Ltda. ("TNK-Brasil") signed an Amendment to
the Work Plan of the Letter of Intent ("LOI") for the gas monetization in the
The LOI signed on October 15, 2012 has now been amended to introduce the work
plan agreed to amongst the companies, which will be further matured over the
next six months, starting January 2013. The signature occurred during the
recent visit of President Dilma Rousseff to Moscow, where TNK-BP also has its
The activities to be developed include: (1) evaluation of the natural gas
resources within the study area, (2) engineering, environmental and logistics
studies required to bring the natural gas to market, (3) the technical
alternatives to monetize the gas, the markets for such gas and the local
logistics of those markets, (4) economic evaluation of the studied
alternatives and (5), the administrative aspects of the work plan.
"Our technical team is honored and encouraged to participate along with
Petrobras in this project that is deemed so important to Brasil " said Marcio
Rocha Mello and Michael Morgan, from HRT and TNK-Brasil.
HRT is exploring the Solimões Basin in partnership with TNK-Brasil, a
subsidiary of TNK-BP.
For further information, contact HRT`s Investor Relations Department.
Sedar Profile # 00031536
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
HRT Participações holds one of the largest independent oil and gas
exploration and production companies in Brazil. The HRT Group comprises eight
main subsidiaries: IPEX (Integrated Petroleum Expertise Company Serviços em
Petróleo Ltda.), HRT O&G Exploração e Produção de Petróleo Ltda., HRT
Netherlands B.V., HRT África Petróleo S.A., HRT América Inc., Air Amazonia
Serviços Aéreos Ltda. and HRT Canada Inc.. The Company retains a 55%
interest in 21 exploratory blocks in the Solimões Basin. HRT also operates
ten exploratory blocks off the Namibian coast: eight blocks in the Orange
Sub-basin and two blocks in the Walvis Sub-basin. HRT's team includes PHDs and
masters in geochemistry, geophysics, biology and engineering, most of them
former employees of Petrobras and ANP (Brazil petroleum agency). HRT is
committed to minimizing any possible environmental impacts in the sites where
it acts. Our commitment to the local communities is towards health conditions,
safety and quality of life. For more information, please visit the Company's
This news release contains forward-looking statements. All statements other
than statements of historical fact contained in this news release are
forward-looking statements, including, without limitation, statements
regarding our drilling and seismic plans, operating costs, acquisitions of
equipment, expectations of finding oil, the quality of oil we expect to
produce and our other plans and objectives. Readers can identify many of these
statements by looking for words such as "expects", "believe", "hope" and
"will" and similar words or the negative thereof. Although management believes
that the expectations represented in such forward-looking statements are
reasonable, there can be no assurance that such expectations will prove to be
correct. By their nature, forward-looking statements require us to make
assumptions and, accordingly, forward-looking statements are subject to
inherent risks and uncertainties. We caution readers of this news release not
to place undue reliance on our forward-looking statements because a number of
factors may cause actual future circumstances, results, conditions, actions or
events to differ materially from the plans, expectations, estimates or
intentions expressed in the forward-looking statements and the assumptions
underlying the forward-looking statements.
The following risk factors could affect our operations: the contingent
resource and prospective resource evaluation reports involving a significant
degree of uncertainty and being based on projections that may not prove to be
accurate; inherent risks to the exploration and production of oil and natural
gas; limited operating history as an oil and natural gas exploration and
production company; drilling and other operational hazards; breakdown or
failure of equipment or processes; contractor or operator errors;
non-performance by third party contractors; labour disputes, disruptions or
declines in productivity; increases in materials or labour costs; inability to
attract sufficient labour; requirements for significant capital investment and
maintenance expenses which HRT may not be able to finance; cost overruns and
delays; exposure to fluctuations in currency and commodity prices; political
and economic conditions in Namibia and Brazil; complex laws that can affect
the cost, manner or feasibility of doing business; environmental, safety and
health regulation which may become stricter in the future and lead to an
increase in liabilities and capital expenditures, including indemnity and
penalties for environmental damage; early termination, non-renewal and other
similar provisions in concession contracts; and competition. We caution that
this list of factors is not exhaustive and that, when relying on
forward-looking statements to make decisions, investors and others should also
carefully consider other uncertainties and potential events. The
forward-looking statements herein are made based on the assumption that our
plans and operations will not be affected by such risks, but that, if our
plans and operations are affected by such risks, the forward-looking
statements may become inaccurate.
The forward-looking statements contained herein are expressly qualified in
their entirety by this cautionary statement. The forward-looking statements
included in this news release are made as of the date of this news release.
Except as required by applicable securities laws, we do not undertake to
update such forward-looking statements.
Carlos Tersandro Fonseca Adeodato - CFO and Investor Relations Officer +55 21
SOURCE: HRT Participações em Petróleo S.A.
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CO: HRT Participações em Petróleo S.A.
-0- Dec/17/2012 22:21 GMT
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