HRT Concludes Drill Stem Test of Well 1-HRT-10-AM, in the Solimões Basin
RIO DE JANEIRO, Jan. 9, 2013 /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"), has concluded the drill stem test of a cased hole in the Tucumã prospect (1-HRT-192/02-AM), block SOL-T-192, in the Solimões Basin, of the Amazonas State, on January 7th, 2013 at 1.30 am.
The prospect, located approximately 30 km to the south of the Juruá Field, was tested to identify hydrocarbons in a faulted anticlinal structure in a regional SW-NE oriented structural lineament sub parallel to the Juruá and Tefé gas trend.
|Two intervals were selected for the drill stem test, achieving the following results:|
|a)||DST - 01: Interval 2,254.0 to 2,260.3 meters - Juruá Formation Lower Member - Reach a stable production rate of 520,456 cubic meters (18,379,737 cubic feet) of natural gas per day, with a choke of 40/64" (The estimated AOF for this test is 1,600,000 cubic meters per day / 56,503,488 cubic feet per day).|
|b)||DST - 02: Interval 2,208.0 to 2,217.0 meters - Juruá Formation Lower Member - Reach a production rate of 143,092 cubic meters (5,053,248 cubic feet) of natural gas per day, with a choke of 40/64".|
"This positive test confirms the existence of a new structural trend in our blocks to the south and southwest of this well" said Milton Franke, CEO of HRT O&G.
The drill stem test results, together with the gas findings in wells 1-HRT-5-AM and 1-HRT-9-AM, confirm the gas trend to the south and the potentials for gas in the SOL-T-191 and SOL-T-192 Blocks and open a new exploratory play fairway for SOL-T-214, SOL-T-215 and SOL-T-216 Blocks, where the company has identified several exploratory prospects for future new wells to be drilled.
The presence of a richer liquid bearing gas/condensate identified in the DST's in a relatively underexplored area of the Basin, reinforces the geological model interpreted for the area, and consolidates the potential for gas in the region and supports the gas monetization project.
HRT is the operator of 21 blocks in the Solimões Basin, which it is exploring in co-operation with TNK-Brasil.
For further information, please contact HRT`s Investor Relations Department.
Sedar Profile # 00031536
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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.
Image with caption: "HRT Photo (CNW Group/HRT Participações em Petróleo S.A.)". Image available at: http://photos.newswire.ca/images/download/20130109_C4776_PHOTO_EN_22375.jpg
SOURCE: HRT Participações em Petróleo S.A.For further information:
Carlos Tersandro Fonseca Adeodato - CFO and Investor Relations Officer
Sandra Calcado - Investor Relations Manager
+55 21 2105-9700