RIO DE JANEIRO, Dec. 23, 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"), announce that, on this date, it acknowledged the approval, through the Official Letter nº 1397/2013/SEP, given on December 18th, 2013, of the request for the Assignment of Interests regarding a 60% participating interest in the Polvo Field from BP Energy do Brasil Ltda ("BP") to HRT O&G by the National Petroleum, Natural Gas and Biofuels Agency (ANP).
The purchase and sale agreement (PSA) between HRT and BP for the acquisition of a 60% interest in the Polvo Field, in the amount of US$ 135 million, was signed on May 6th, 2013. Furthermore, the completion of the PSA, which also encompasses the acquisition of 100% interest in the company that holds the Polvo A fixed platform, and a 3,000 HP drilling rig, was subject to certain preceding conditions, among them, the ANP`s final approval. Upon completion, which is expected to occur in the first half of January, 2014, HRTO&G will become the operator of the Polvo Field.
Since the signature of the purchase agreement, both Companies commenced the operation transition preparedness, so that the final transfer could be made in a gradual, continuous and integrated manner, while keeping the safety, performance and quality standards. HRT`s operational team is in place and ready to commence operations from completion.
The Company`s strategies include the drilling of two new development wells, which will enable to increase the production of undeveloped proven and probable reserves. Therefore, the drilling of the first well is expected to commence during the second half of 2014.
"The acquisition of part of the Polvo Field drives HRT to a new stage, now operational, as an oil producing company, and such fact is a great milestone in the history of HRT and in the implementation of the strategy to diversify the Company`s portfolio", highlighted Milton Franke, CEO of HRT.
For additional 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 six 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. and HRT Canada Inc.. The Company retains a 55% interest in 19 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 - CFO and Investor Relations Officer
Sandra Calcado - Investor Relations Manager
Tainah Costa - Investor Relations Senior Analyst
+55 21 2105-9700