HRT Rises on Plan to Extract Solimoes Basin Gas: Sao Paulo Mover

HRT Participacoes em Petroleo SA rallied after announcing it is looking for partners to extract gas it discovered in the Amazon region’s Solimoes Basin.

The shares gained 3.2 percent to 1.60 reais at 11:48 a.m. in Sao Paulo. It was the fourth-best performer on the BM&FBovespa Small Cap Index, which declined 0.1 percent.

HRT said yesterday in a regulatory filing after markets closed that it will form partnerships to develop projects to liquefy gas found in the Solimoes Basis or build thermal plants in the region to produce energy. Those alternatives were listed in a study completed with Petroleo Brasileiro SA (PETR3), the state-controlled producer, and Rosneft Oil Co.

Rio de Janeiro-based HRT has slumped 66 percent in 2013 after abandoning two wells in Namibia and one in the Solimoes Basin. The small-caps index lost 15 percent during the period.

To contact the reporter on this story: Denyse Godoy in Sao Paulo at dgodoy2@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net

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