HRT Rises on Plan to Extract Solimoes Basin Gas: Sao Paulo MoverDenyse Godoy
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 1.3 percent to 1.57 real at the close of trading in Sao Paulo, the highest level since Aug. 23. The BM&FBovespa Small Cap Index declined 0.4 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, the state-controlled producer, and Rosneft Oil Co.
“The way for HRT to go now is to try to monetize its assets the best way it can, and in the case of the gas fields in Solimoes this will only be possible with a partner that finances the projects,” Felipe Miranda, an analyst at equity research firm Empiricus, said by phone from Sao Paulo.
Rio de Janeiro-based HRT has slumped 67 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.