RELEVANT FACT - Based on new 3D seismic data, HRT confirms its prospective resources and adds 457 million BOE to its portfolio
RIO DE JANEIRO, Nov. 22, 2012 /CNW/ - HRT Participações em Petróleo S.A. (the "Company" or "HRT") (BM&FBOVESPA: HRTP3, TSX-V: HRP) is pleased to announce the 2012 report prepared by the consulting firm DeGolyer & MacNaughton ("D&M") which estimates new resource volumes in HRT's Petroleum Exploration Licenses ("PEL") 22, 23, 24 and 28, located in offshore Namibia.
This study was performed using the excellent quality 3D-seismic volumes that HRT acquired and processed during 2011 and 2012, allowing a significant improvement in the analysis of the volumes previously reported by D&M. The report increased to 7.4 billion barrels of oil equivalent (BOE) the net risked Pmean potential resource volume in Namibia, being 5.1 billion of crude oil and condensate ("bbl"), and 2.3 billion BOE of associated and non-associated gas. These new volumes represent an increase of 0.5 billion BOE to the portfolio of HRT reported in 2011, as well as an increase of 6.6% from the previously estimated volumes for the Namibian HRT PELs.
Table 1. Estimated D&M Resources for Namibian PELs, considering the prospective net risked resources (Pmean):
Oil + Condensate
(In million bbl)
(In million BOE)
(In million BOE)
Thus, HRT will now have a potential volume of net risked Pmean prospective resources in Namibia and Solimões of 7.8 billion BOE, in addition to the 3C net contingent resources in Solimões of 0.5 billion BOE.
HRT is scheduled to start its drilling campaign of up to four exploration wells in Namibia in the 1Q13. The semi-submersible Transocean Marianas was chartered for a period of 280 days to carry on HRT's drilling program. The wells will be drilled in world-class prospects that are located in water depths ranging from 180m to 1,800m.
The oil potential unrisked P(10) resources amount to 29.136 billion barrels. Figure 1 illustrates the Pmean unrisked gross prospective resource volumes for all HRT´s prospects, mapped in Namibia up to today, versus their chance of success.
Figure-1: 2012 Prospective resource volumes by prospect and chance of success - Based on 2012 D&M Report. (Click Here)
"This new Report, performed by D&M, based on our new 3D-seismic data, confirms HRT's confidence in the oil and gas potential of our Namibian PELs. This is an important testimony that HRT is on the right track to achieve its objectives with the drilling campaign that is about to start in early 2013," emphasized Marcio Rocha Mello, Chief Executive Officer of HRT.
For further information, please contact HRT's Investor Relations department.
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