RIO DE JANEIRO, Sept. 9, 2013 /CNW/ - HRT Participações em Petróleo S.A.
(the "Company" or "HRT") (BM&FBOVESPA: HRTP3, TSX-V: HRP) announces that the
Moosehead-1 well (2713/16-1) ("Moosehead-1"), the third offshore well in our
exploratory drilling campaign, is a dry hole. This well targeted the Moosehead
Prospect, located in Petroleum Exploration License 24 ("PEL-24"), in the
Orange Basin, offshore the Republic of Namibia.
The main objective of the Moosehead-1 well was to test the resource potential
of Barremian-aged carbonate reservoirs, expected to be equivalent to the
Brazil and Angola "pre-salt" reservoirs, within a 546 km(2) 4-way dip closure,
mapped on 3D seismic. Extensive formation evaluation was performed to confirm
the nature and quality of the carbonate reservoir and source rock intervals,
including wireline logs and sidewall core samples.
The Moosehead-1 well encountered approximately 100m of carbonates at the
primary target. The nature of the reservoir, though further analysis of data
collected will be necessary, appears similar to the "pre-salt" reservoirs as
predicted. However, porosity was less developed than expected in this
location, and is being considered a dry-hole. Wet gas shows were encountered
in the section that increased in wetness with depth. At least two potential
source rocks were penetrated, including the well-developed Aptian-age source
rock. Indications of source rocks in the deeper rift section were also
apparent, though not penetrated. Further analysis of the well sampling will
greatly help with continuing exploration on the HRT blocks in Namibia.
The Moosehead-1 well was located in 1,716m of water depth and was drilled to
4,170m of measured total depth. The well was drilled, wireline logged and P&A,
in a total of 47 days, by the Transocean Marianas (NYSE:RIG) semi-submersible
rig. Operational and safety performance was excellent. This completes HRT's
Namibian drilling campaign and the Transocean Marianas is available for
HRT is the operator of 10 blocks offshore Namibia, which are contained in 4
Petroleum Licenses. GALP Energia (NYSE Euronext Lisbon: GALP), with 14%
participating interest, is HRT's partner to drill the first 3 wells of the
current exploration campaign.
"The Moosehead well concludes HRT's first drilling campaign in Namibia with
very important geological information even though no pay zones were found in
this well. The time has come for a thorough analysis of our three well results
and assets in Namibia to develop new plans for 2014 and 2015. We conclude this
campaign with the understanding that both the Orange and Walvis basins, tested
with drilling, are oil and gas prone basins, new exploration efforts will
bring commercial hydrocarbon discoveries and that HRT will be part of the
future of Namibian exploration", highlighted Milton Franke, the CEO of HRT.
For additional information, please 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. and HRT Canada
Inc.. The Company retains a 55% interest in 19 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 website: www.hrt.com.br/ir
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.
SOURCE HRT Participações em Petróleo S.A.
Ricardo Bottas Dourado- CFO and Investor Relations Officer Sandra Calcado -
Investor Relations Manager Tainah Costa - Investor Relations Senior Analyst
+55 21 2105-9700 email@example.com
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-0- Sep/10/2013 00:49 GMT
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