(Corrects sixth paragraph of story published Dec. 18 to show that HRT drilled one dry hole in the Solimoes River basin.)
Dec. 18 (Bloomberg) -- HRT Participacoes em Petroleo SA rose in Sao Paulo after the company set a six-month timeline for jointly developing gas fields in Brazil’s Amazon region with Petroleo Brasileiro SA and TNK-BP Ltd.
Shares advanced 0.6 percent to 4.92 reais at the close of trading in Sao Paulo after earlier gaining as much as 5.1 percent. The benchmark Bovespa index added 1.5 percent.
HRT said in a regulatory filing yesterday that it has added a work plan to an Oct. 15 letter of intent it signed with Petrobras and TNK to bring to market natural gas from the Solimoes Basin. The six-month timeline for the development starts next month and includes an evaluation of the resources to be extracted as well as engineering, environmental and logistics studies, according to the filing.
“It’s very positive for HRT to have the help of a partner like Petrobras to monetize the resources in the Solimoes Basin, which holds the company’s most valuable gas assets,” Nataniel Cezimbra, an analyst at Banco do Brasil SA, said by phone from Sao Paulo. “HRT has to make the most of those fields. But we’ve got to wait and see what the studies during the first half of next year will show.”
HRT has tumbled 57 percent this year, while the Bovespa rose 6.5 percent during that same period.
The company has drilled one dry hole in the Solimoes River basin, a remote oil and gas region in the Amazon forest in northern Brazil, since it started exploring last year, according to information posted on its website.
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