RIO DE JANEIRO, Sept. 18, 2014 /CNW/ - HRT Participações em Petróleo S.A. (the "Company" or "HRT") (BM&FBOVESPA: HRTP3, TSX-V: HRP), continuing with the initiatives to divest non-strategic assets and reduce corporate costs, which began in 2013, hereby announces that has entered, on September 17th, into a Purchase and Sale Agreement with Eurofins Scientific Group ("Eurofins"), to sell its subsidiary Integrated Petroleum Expertise Company - Serviços em Petróleo Ltda ("IPEX").
The purchase and sale transaction between HRT and Innolab do Brasil Ltda ("Innolab"), Brazilian subsidiary of Eurofins, is expected to be concluded within ten days and is conditioned on compliance with certain contractual requirements.
In addition to the transfer of HRT's entire interest in the capital stock of IPEX to Innolab, the transaction also involves the transfer of all IPEX's equipment, agreements and employees.
"We are satisfied with the execution of this agreement, given that the sale of IPEX will reduce corporate costs related to laboratory maintenance. It also continues the program, initiated in 2013, to divest non-core assets, enabling HRT to become increasingly focused on its core business, pursuing new opportunities to invest in production assets, as well as prioritizing new partnerships in exploration assets," declared Milton Franke, HRT's CEO.
Eurofins is a global leader in bio-analytical services, offering a wide range of tests and trials for food, pharmaceuticals and agroscience, as well as environmental analyses. Eurofins has over 200 laboratories in more than 36 countries.
For additional information, please contact HRT's Investor Relations Department.
HRT, through its subsidiaries, holds a 60% participating interest and it is also the operator of the Polvo Field, which is located in the southern portion of the Campos Basin, at 100km east of the city of Cabo Frio, Rio de Janeiro. HRT has Brazil's seventh largest daily production of barrels of oil equivalent (boe), with 20.3º API, deriving from three producing reservoirs. HRT is the owner, through its subsidiaries, of "Polvo A" fixed platform and a 3.000HP drilling rig, currently in operation in the field, being the platform connected to the "Polvo FPSO" vessel, with capacity to segregate hydrocarbons and water treatment, oil storage and offloading. Polvo Field license covers an area of approximately 134km2, with several prospects with potential for further explorations. Additionally, HRT holds a 55% interest and is the operator of 19 exploration blocks in the Solimões Basin, and also operates ten exploration blocks off the Namibian coast, in the Orange and Walvis sub-basins. HRT is committed to minimizing any possible environmental impacts on 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; labor disputes, disruptions or declines in productivity; increases in materials or labor costs; inability to attract sufficient labor; 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:
Eduardo Larangeira Jácome - Organizational Management and Investor Relations Officer
Tainah Costa - Investor Relations Specialist
+55 21 2105-9700