HRT Participacoes em Petroleo SA, a Brazilian oil and natural gas exploration company, rose the most in eight weeks after Petroleo Brasileiro SA found oil near HRT’s Amazon exploration areas.
HRT, based in Rio de Janeiro, gained 8.8 percent to 4.08 reais at the close in Sao Paulo, the biggest advance since Dec. 6. It was the biggest gainer of Brazil’s four publicly-traded oil companies.
Petrobras, as Brazil’s state-controlled oil company is known, found signs of oil and gas at the SOL-T-171 block in the Solimoes Basin, the National Petroleum Agency reported on its website. Petrobras said last year it had the potential to produce good quality oil at a separate discovery in the block, which is near HRT’s properties. The basin is in the Amazon rain forest in northern Brazil.
HRT shares have slipped 14 percent this year. The company has mainly found gas instead of oil in the Solimoes. Gas is more expensive to transport and sells for less than crude. Brazil’s benchmark stock index is down 1 percent this year.