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HRT Posts Record Two-Day Drop as No Oil Found in Well Test

HRT Participacoes em Petroleo SA, a Brazilian oil and gas company, posted its biggest two-day decline since it first sold shares in October 2010 after failing to report a commercially viable oil discovery in tests of a well in the Amazon basin.

HRT fell 20 percent to 405.01 reais in Sao Paulo trading, bringing the two-day decline to 30 percent. The Bovespa benchmark index rose 0.2 percent today.

HRT said yesterday in a regulatory filing that its 1-HRT-4-AM onshore well in Brazil’s Solimoes basin may produce as much as 250,000 cubic meters of natural gas. It didn’t mention oil discoveries in the statement.

“Productivity levels were weak, in our view, and no oil production was observed,” Banco Santander analysts Christian Audi and Vicente Falanga Neto wrote in a report to clients dated today. The news was particularly disappointing given the negative results on another well in the same area that the company announced in September, the analysts said.

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