MATERIAL FACT - HRT O&G concludes drill-stem test of well 1-HRT-6-AM on Solimões Basin
RIO DE JANEIRO, May 21, 2012 /CNW/ - HRT Participações em Petróleo S.A. ("Company" or "HRT") (BM&FBOVESPA: HRTP3, TSX-V: HRP) annouces that its subsidiary HRT O&G Exploração e Produção de Petróleo Ltda. ("HRT O&G") concluded the drill-stem test of well 1-HRT-6-AM, on Block SOL-T-170, on Solimões Basin.
Well 1-HRT-6-AM reached final depth of 3.384 meters and preliminary results presented oil and gas shows in two intervals, with net pay of 4 and 8 meters, on Devonian Reservoirs.
HRT tested both intervals mentioned above, with production of filtered mud and oil in one of the reservoirs, in sub-commercial quantities. The oil recovered during the test was analyzed and showed 41º API, presenting similar geochemical characteristics to the oil produced at Urucu Field. Test performed on both intervals showed low permeability on the reservoirs, but confirmed the potential for light oil on Block SOL-T-170.
BLOCK 170 - NEXT STEPS
Based on recent seismic data, HRT has mapped other prospects with oil potential on Block 170 that could be drilled once ongoing studies are completed. Furthermore, the Company intends to apply this year for Evaluation Plan (PAD) at ANP for several blocks - including Block 170 - where we expect to reevaluate the potential of the reservoirs found at wells HRT-1 and HRT-6.
EXPLORATORY CAMPAIGN AT SOLIMOES BASIN - NEXT STEPS
Drilling on wells HRT-7D and HRT-8 should be concluded in the 2Q12. Subject to final results, HRT OG and TNK-Brasil will have yet another important step in their natural gas monetization project and in the production of liquids (with the potential Extended Well Test for condensate at Block SOL-T-194).
Early 3Q12, the structures located at the Aruã Cluster (blocks 148, 149 and 172) will be drilled. The seismic campaign was concluded with success in January 2012 and data has been processed and mapped.
For additional information, please contact HRT´s Investor Relations Department.
About 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 Basin and two blocks in the Walvis 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
Disclaimer
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.
Contatos RI
Fábio Bueno
+55 21 2105-9745
[email protected]
Luis Otávio Lima Pinto
(21) 2105-9799
[email protected]
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