Press release from CNW Group
Drilling of Well 1-HRT-11-AM Concluded
Monday, May 20, 2013
Drilling of Well 1-HRT-11-AM Concluded20:48 EDT Monday, May 20, 2013
RIO DE JANEIRO, May 20, 2013 /CNW/ - HRT Participações em Petróleo S.A. (the "Company" or "HRT") (BM&FBOVESPA: HRTP3, TSX-V: HRP) announces that its wholly-owned subsidiary HRT O&G Exploração e Produção de Petróleo Ltda ("HRT O&G") concluded the drilling of well 1-HRT-11-AM, on the Cajazeira prospect, located at Block SOL-T-172, in the Solimões Basin, Municipality of Coari, State of Amazonas.
The well was spudded on March 17, 2013, having as the main target the sandstones of the Lower Member of the Juruá Formation, Carboniferous in age, and as secondary objective the Devonian sandstones. On May 6, 2013, the well reached its total depth, after penetrating the metamorphic basement at 2,402 meters depth. The well was drilled in 49 days.
During drilling the Jurua and Devonian sections were cored. Wireline logs were run, identifying two intervals of interest, the first one from 2,170 to 2,189 meters, in the Upper Mb. of the Juruá Formation, and the second one from 2,251 to 2,402 meters, composed of sandstones of the Lower Mb. of the Juruá Formation. In both intervals oil shows were observed in the cuttings and cores. When tested, using a wireline tool (RDT), the tests recovered formation water, confirming that the oil shows were due to the presence of residual oil in the reservoir.
The above-mentioned results indicate that the petroleum system was active within the prospect area. In light of the results, the well has been abandoned as a dry hole with hydrocarbon shows. Geological information resulting from this well will be analyzed and calibrated with available information in order to assist in further decisions on the Solimoes Basin forward work program.
HRT is the operator of 21 blocks in the Solimões Basin, which is exploring in partnership with TNK-Brasil. TNK-Brasil is a subsidiary of TNK-BP. TNK-BP was acquired by Russian petroleum industry leader Rosneft as a result of a series of transactions that were closed in March 2013.
For further information, please contact HRT`s Investor Relations Department.
Sedar Profile # 00031536
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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.
Image with caption: "The figure above shows the location of Well HRT-11, in the Solimões Basin. (CNW Group/HRT Participações em Petróleo S.A.)". Image available at: http://photos.newswire.ca/images/download/20130520_C8480_PHOTO_EN_26917.jpg
SOURCE: HRT Participações em Petróleo S.A.
For further information:
Carlos Tersandro Fonseca Adeodato - CFO and Investor Relations Officer
Sandra Calcado - Investor Relations Manager
Tainah Costa - Investor Relations Senior Analyst
+55 21 2105-9700