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HRT Jumps on Tests of Solimoes Potential: Sao Paulo Mover

HRT Participacoes em Petroleo SA, a Brazilian oil and gas exploration and production company, rose after tests confirmed gas potential in a field in the Amazon region.

Shares gained 1.2 percent to 5.12 reais at the close of trading in Sao Paulo. The benchmark Bovespa index added 0.7 percent.

Tests in two wells at the Solimoes Basin, in the Amazon forest in northern Brazil, prove the existence of gas and create good prospects for new wells in the field, Rio de Janeiro-based HRT said today in a regulatory filing. The stock tumbled 58 percent last year as the company drilled a dry hole in the basin.

“The tests reinforce the positive expectations around the exploration of the Solimoes basin, which holds HRT’s most important assets,” Roberto Altenhofen, an analyst at Sao Paulo-based consulting firm Empiricus Research, said by phone. “It’s where the company is concentrating all efforts to find not only gas but oil as well.”

The company set a six-month timeline beginning in January for jointly developing gas fields in the Solimoes Basin along with the state-controlled Brazilian oil company Petroleo Brasileiro SA and TNK-BP Ltd. During that period, they will do an evaluation of the resources to be extracted and conduct engineering, environmental and logistics studies on how to bring gas to market.

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