RIO DE JANEIRO, July 8, 2014 /CNW/ - HRT Participações em Petróleo S.A. (the "Company" or "HRT") (BM&FBOVESPA: HRTP3, TSX-V: HRP), jointly with
its wholly-owned subsidiary, HRT Oil & Gas Ltda ("HRTO&G"), announces
that it has entered into a purchase and sale agreement with Maersk
Energia Ltda ("Maersk") to acquire a 40% participating interest in the
Polvo Field, in the Campos Basin.
The completion of the purchase and sale transaction between HRTO&G and
Maersk is subject to certain conditions, including the final approval
by the National Petroleum, Natural Gas and Biofuels Agency (ANP).
HRT's plan is to extend the lifespan of this Field through the increase
in production from proved undeveloped reserves.
"The acquisition of a 40% stake in the Polvo Field ratifies our
confidence in the potential for production of this field. After six
months operating the field, we confirm what we already knew about it in
the past, and we place new perspectives in it for the development of
the production. This is one more milestone in HRT's strategy of growth
and sustainability", highlighted Milton Romeu Franke, Chief Executive Officer of HRT.
For additional information, please contact HRT's Investor Relations
Due to a confidentiality agreement with Maersk, details of the purchase
and sale agreement cannot be disclosed until the final approval by ANP.
Once approval is granted, salient terms of the agreement and purchase
price will be disclosed.
Sedar Profile # 00031536
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(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
HRT is one of the largest independent oil and gas Exploration &
Production companies in Brazil. Through its subsidiaries, HRT holds a
60% participating interest and it is also the operator of the Polvo
Field, which is located in the southern portion of the Campos Basin,
100 km east of the city of Cabo Frio, Rio de Janeiro. Polvo Field has
the seventh largest daily production of barrels of oil equivalent
(boe), with 20.3º API, deriving from three producing reservoirs. HRT is
the owner, through its subsidiaries, of "Polvo A" fixed platform and a
3.000HP drilling rig, currently in operation in the field, being the
platform connected to the "Polvo FPSO" vessel, with capacity to
segregate hydrocarbons and water treatment, oil storage and offloading.
Polvo Field license covers an area of approximately 134 km2, with
several prospects with potential for further explorations.
Additionally, HRT holds a 55% interest and it is the operator in 19
exploratory blocks in the Solimões Basin, and also operates ten
exploratory blocks off the Namibian coast in the Orange and Walvis
sub-basins. HRT is committed to minimizing any possible environmental
impacts on 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:
Eduardo Larangeira Jácome - Organizational Management and Investor Relations Officer
Sandra Calcado - Investor Relations Manager
Tainah Costa - Investor Relations Senior Analyst
+55 21 2105-9700