MATERIAL REPORT - HRT, TNK-Brasil and Petrobras sign Letter of Intent for the monetization of the natural gas in Solimões
RIO DE JANEIRO, Oct. 15, 2012 /CNW/ - HRT Participações em Petróleo S.A. (the "Company" or "HRT") (BM&FBOVESPA: HRTP3, TSX-V: HRP) announces that its subsidiary HRT O&G Exploração e Produção de Petróleo Ltda. ("HRT O&G"), Petróleo Brasileiro S.A. ("Petrobras") and TNK-Brasil Exploração e Produção de Óleo e Gás Natural Ltda. ("TNK-Brasil") signed a Letter of Intent ("LOI") for the gas monetization in the Solimões Basin.
The LOI was signed by the CEO of Petrobras, Ms. Maria das Graças Silva Foster, the CEO of HRT, Mr. Marcio Rocha Mello and the President of TNK-Brasil, Mr. George Michael Morgan, at the presence of Mr. Edison Lobão, Ministry of Mines and Energy of Brazil and Mr. Omar Aziz, Governor of the State of Amazonas.
The objective of this LOI is to combine efforts to appraise the feasibility on technical, economic, environmental, financial, legal and regulatory, as well as tax aspects for the implementation of the natural gas monetization with regards to concessions in contiguous areas to the Juruá Field.
The LOI envisages developing a work plan within 30 days which will define the activities and timetable for the project. The LOI will be effective for a period of 6 months and may be extended upon Amendment. It does not entail an obligation to enter into future businesses.
"The collaboration of efforts and expertise of the three companies, with the support of the government of the State of Amazonas and the Federal Government represent an important step in the development of the natural gas industry of Brazil and consolidates the HRT and TNK-Brasil progress in the strategy to monetize their assets in the Solimões Basin", mentioned Marcio Rocha Mello, Chief Executive Officer of HRT.
For further information, please contact the HRT`s Investor Relations department.
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HRT Participações holds one of the largest independent oil and gas exploration and production companies in Brazil. The HRT Group comprises eight main subsidiaries: IPEX (Integrated Petroleum Expertise Company Serviços em Petróleo Ltda.), HRT O&G Exploração e Produção de Petróleo Ltda., HRT Netherlands B.V., HRT África Petróleo S.A., HRT América Inc., Air Amazonia Serviços Aéreos Ltda. and HRT Canada Inc.. The Company retains a 55% interest in 21 exploratory blocks in the Solimões Basin. HRT also operates ten exploratory blocks off the Namibian coast: eight blocks in the Orange Sub-basin and two blocks in the Walvis Sub-basin. HRT's team includes PHDs and masters in geochemistry, geophysics, biology and engineering, most of them former employees of Petrobras and ANP (Brazil petroleum agency). HRT is committed to minimizing any possible environmental impacts in the sites where it acts. Our commitment to the local communities is towards health conditions, safety and quality of life. For more information, please visit the Company's website: www.hrt.com.br/ir
This news release contains forward-looking statements. All statements other than statements of historical fact contained in this news release are forward-looking statements, including, without limitation, statements regarding our drilling and seismic plans, operating costs, acquisitions of equipment, expectations of finding oil, the quality of oil we expect to produce and our other plans and objectives. Readers can identify many of these statements by looking for words such as "expects", "believe", "hope" and "will" and similar words or the negative thereof. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. By their nature, forward-looking statements require us to make assumptions and, accordingly, forward-looking statements are subject to inherent risks and uncertainties. We caution readers of this news release not to place undue reliance on our forward-looking statements because a number of factors may cause actual future circumstances, results, conditions, actions or events to differ materially from the plans, expectations, estimates or intentions expressed in the forward-looking statements and the assumptions underlying the forward-looking statements.
The following risk factors could affect our operations: the contingent resource and prospective resource evaluation reports involving a significant degree of uncertainty and being based on projections that may not prove to be accurate; inherent risks to the exploration and production of oil and natural gas; limited operating history as an oil and natural gas exploration and production company; drilling and other operational hazards; breakdown or failure of equipment or processes; contractor or operator errors; non-performance by third party contractors; labour disputes, disruptions or declines in productivity; increases in materials or labour costs; inability to attract sufficient labour; requirements for significant capital investment and maintenance expenses which HRT may not be able to finance; cost overruns and delays; exposure to fluctuations in currency and commodity prices; political and economic conditions in Namibia and Brazil; complex laws that can affect the cost, manner or feasibility of doing business; environmental, safety and health regulation which may become stricter in the future and lead to an increase in liabilities and capital expenditures, including indemnity and penalties for environmental damage; early termination, non-renewal and other similar provisions in concession contracts; and competition. We caution that this list of factors is not exhaustive and that, when relying on forward-looking statements to make decisions, investors and others should also carefully consider other uncertainties and potential events. The forward-looking statements herein are made based on the assumption that our plans and operations will not be affected by such risks, but that, if our plans and operations are affected by such risks, the forward-looking statements may become inaccurate.
The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this news release are made as of the date of this news release. Except as required by applicable securities laws, we do not undertake to update such forward-looking statements.
SOURCE: HRT Participações em Petróleo S.A.For further information:
Carlos Tersandro Fonseca Adeodato - CFO and Investor Relations Officer
+55 21 2105-9700
Fábio Bueno - IR Manager
+55 21 2105-9745