RIO DE JANEIRO, Brazil, July 10, 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") and its partner TNK-Brasil has concluded the drilling and
evaluation of well 4-HRT-7D-AM, Block SOL-T-194, in the Solimões Basin.
Well 4-HRT-7D-AM is an adjacent wildcat well drilled with the objective
to test a southwest extension of the gas and condensate accumulation
discovered by well 1-HRT-4-AM. The new prospect was mapped based on
seismic data, in a higher structural position with respect to the
discovery and tested through a directional well, with an angle of
around 45 degrees.
The well crossed the producing reservoir in well 1-HRT-4-AM at 1,250m
distance and 11 meters structurally higher, as expected, but with a
smaller thickness 2 (two) meters and without production capacity. This
result confirms that the accumulation of the 1-HRT-4-AM does not have
continuity to this southwest mapped extension.
The results of these two wells allow the companies to evaluate the
extension of the accumulation of gas and condensate in 12 km². The
results of this well do not increase or decrease the 1-HRT-4-AM
With the collected data, the companies will start the studies of the
production potential of such reservoirs aiming to evaluate the
Discovery to submit an Assessment Plan to ANP at the right time.
Well 4-HRT-7D is being abandoned considering its potential future use.
For further information, 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 basin and two blocks in the Walvis 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,
security 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:
Francisco Lourenço Bastos-Tigre - CFO and Investor Relations Officer
+55 21 2105-9700
Fábio Bueno - IR Manager
+55 21 2105-9745