RIO DE JANEIRO, BRAZIL, Nov. 11, 2011 /CNW/ - HRT Participações em Petróleo S.A. (the "Company" or "HRT") (BM&FBOVESPA: HRTP3, TSX-V: HRP), announces the
conclusion of the Formation Test of exploratory well 1-HRT-1-AM,
located in Block SOL-T-170, in the Solimões Sedimentary Basin.
Well 1-HRT-1-AM, whose drilling was concluded on September 20, 2011,
revealed the existence of two gas-bearing reservoirs in the Juruá
Formation of Carboniferous age and three oil-bearing reservoirs of the
Uerê Formation, Devonian in age.
HRT tested, through casing, three intervals in Devonian reservoirs. Two
of the intervals with gas and oil shows, were tested resulting in low
permeability. These reservoirs with total net pay of 24 meters may be
stimulated by fracturing to improve their production capacity as part
of a discovery assessment plan to be submitted to the National Agency
of Petroleum, Natural Gas and Biofuels (Agência Nacional do Petróleo, Gás Natural e Biocombustíveis - ANP). The tested reservoir corresponding to the oil-bearing interval in the
well 1-NSM-1-AM, was found in a structural position, 11 meters lower
and below the oil-water contact.
The two gas-bearing intervals identified in the Juruá Formation
reservoirs, with total net pay of 33 meters, were not tested and will
be part of the discovery assessment plan.
Well 1-HRT-1-AM fulfilled the Minimum Exploratory commitment with ANP,
confirmed the continuity of the Juruá Formation gas reservoirs, and
allowed the identification of thick Devonian age reservoirs with the
presence of oil and gas.
Drilling rig "Tuscany 115" will now be mobilized to Location
1-HRT-170/06-AM, in the same block, with the objective to test oil and
gas potential of the reservoirs in the Juruá and Uerê formations.
The Company's subsidiary, HRT O&G Exploração e Produção de Petróleo
Ltda., holds a 55% interest in 21 exploration blocks in the Solimões
Sedimentary Basin, covering an area of around 48.5 km2, where 52 prospects were mapped and estimated, and 11 discoveries were
qualified as contingent resources.
For further information, 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 America
Inc., Air Amazonia Serviços Aéreos Ltda., HRT Canada Inc. and UNX
Energy Corp. The Company retains a 55% interest in 21 exploratory
blocks in the Solimões Basin. HRT also operates ten exploratory blocks
at the Namibian coast, where it retains interest in two of them, in the
Walvis Sub-basin, and in other eight, in the Orange 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, 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 forwardlooking 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.
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.
SOURCE HRT Participações em Petróleo S.A.
For further information:
Marcio Rocha Mello - CEO and Investor Relations Officer
+55 21 2105-9700
Eliana Rodriques - IR Manager
+55 21 2105-9745