RIO DE JANEIRO, May 6, 2013 /CNW/ - HRT Participações em Petróleo S.A. (the "Company" or "HRT") (BM&FBOVESPA: HRTP3, TSX-V: HRP), together with its wholly-owned subsidiary HRT Oil & Gas Ltda ("HRTO&G"), has entered into a Purchase and Sale Agreement (PSA) with BP Energy do Brasil Ltda ("BP") to acquire a 60% stake in the Polvo Field for US$135 million having January 1st, 2013 as the effective date. HRT as well as HRT O&G have entered into a loan agreement with Credit Suisse to finance the majority of the acquisition price.
The Polvo Field is located in the southern portion of the Campos Basin, 100 km east of the city of Cabo Frio, State of Rio de Janeiro, and currently produces approximately 13,000 barrels per day of 20.3̊ API oil from three producing reservoirs: sandstones of Carapebus Formation, of Maastrichtian and Turonian ages, and carbonates of the Macaé Formation/ Quisamã Member, of Albian age. The license covers over 134 km2 of acreage with numerous attractive prospects for further exploration.
The PSA also encompasses the acquisition of 100% membership interest in BP Energy America LLC, the owner of the "Polvo A" fixed platform, and a 3,000 HP drilling rig, which is necessary to operate the field. The "Polvo A" platform is connected to the "FPSO Polvo" with facilities for hydrocarbon separation and water treatment, oil storage and offloading capabilities.
The completion of the purchase and sale transaction between HRTO&G and BP is subject to certain conditions, including the final approval by National Petroleum, Natural Gas and Biofuels Agency (ANP). After ANP approval, HRTO&G will become the operator of Polvo Field.
"The acquisition of 60% of Polvo and the recent confirmation of our status as a Class "A" Operator by ANP are key milestones in the implementation of our strategy to diversify our portfolio beyond exploration assets. Polvo is a great fit for HRT. Our team of upstream professionals includes geologists and engineers who discovered and operated Polvo prior to BP's acquisition of the asset from the previous operator. We know the field well and see untapped potential for further exploration and future production within the larger license area." highlighted Marcio Rocha Mello, Chief Executive Officer of HRT.
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:
For further information, please contact the HRT`s Investor Relations Department.
Carlos Tersandro Fonseca Adeodato - CFO and Investor Relations Officer
Sandra Calcado - Investor Relations Manager
Priscila Sarandy - Investor Relations Specialist
Tainah Costa - Investor Relations Senior Analyst
+55 21 2105-9700