RIO DE JANEIRO, July 19, 2013 /CNW/ - HRT Participações em Petróleo S.A. (the "Company" or "HRT") (BM&FBOVESPA: HRTP3, TSX-V: HRP) through its wholly-owned subsidiary HRT Walvis Petroleum (Proprietary) Ltd. ("HRT Walvis"), announces that the Murombe-1 (2212/06-1) ("Murombe-1"), the second offshore well in our exploratory drilling campaign has been concluded and is a dry hole. This well was targeting the Murombe Prospect, located in Petroleum Exploration License 23 ("PEL 23"), in the Walvis Basin, offshore Republic of Namibia.
The main objective of the well was to test the resource potential of the Murombe (Barremian Age) basin floor fan turbidites that demonstrate a well-defined amplitude anomaly on 3D seismic PSDM. The drilling plan was to penetrate the top Murombe reservoir and reach total depth (TD) below the reservoir at 5,658 meters, run the wireline logs, conduct sidewall core sampling, acquire fluid samples and abandon the well. A secondary target, the Baobab (Santonian Age) confined channel complex, would also be penetrated..
The Murombe-1 well penetrated the Baobab objective and it contained 36 meters net sand within a 242 meter interval (15% N/G). The average porosity was 19% and the sands were water wet.
The well-developed marine source seen in the Wingat-1 well located 15 kilometers east of Murombe-1 was also present above the deeper Murombe turbidite prospect. Ongoing sample analysis will determine the quality of this source interval.
The Murombe objective was penetrated and petrophysical evaluation of wireline logs indicates that interval consists of non-reservoir facies with low porosity. The well reached at Total Depth of 5,729 meters. The wireline evaluation program included a quad combo tool and rotary sidewall cores.
The Murombe-1 will be completed, considering wireline logging and P&A activities, in a total of 62 days, by the semi-submersible Transocean Marianas (NYSE:RIG).
The Transocean Marianas will move 635 kilometers south to PEL 24 to drill the Moosehead Prospect in the northern Orange Basin after concluding P&A activities at the Murombe-1 location. The Moosehead-1 well will target Barremian carbonates and drill to a total depth of 4,100 meters.
"This well proved that we are still on our learning curve in Namibian basins exploration. Our model was that the Baobab objective would be charged by the Aptian source rocks discovered at Wingat-1 and this did not occur. The Murombe-1 result further proved presence of Aptian source rocks, in the oil window, and poor reservoirs in the Murombe main target. We will now proceed to the Orange Basin to drill our third exploration location - the Moosehead-1 Prospect - in PEL 24," highlighted Milton Romeu Franke, the CEO of HRT.
HRT is the operator of 10 blocks offshore Namibia, contained in four Petroleum Licenses. GALP Energia (NYSE Euronext Lisbon: GALP), with 14% participating interest, is HRT's partner to drill the first 3 wells of the current exploration campaign.
For further information, please contact HRT`s Investor Relations Department.
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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:
Ricardo Bottas Dourado - CFO and Investor Relations Officer
Sandra Calcado - Investor Relations Manager
Tainah Costa - Investor Relations Senior Analyst
+55 21 2105-9700