Press release from CNW Group
Spud-in of the offshore well on the Namibia's Murombe Prospect
Monday, June 03, 2013
Spud-in of the offshore well on the Namibia's Murombe Prospect00:32 EDT Monday, June 03, 2013
RIO DE JANEIRO, June 2, 2013 /CNW/ - HRT Participações em Petróleo S.A. (the "Company" or "HRT") (BM&FBOVESPA: HRTP3, TSX-V: HRP) through its wholly-owned subsidiary HRT Walvis Petroleum (Proprietary) Ltd. ("HRT Walvis"), announces, on June 1st, 2013, the spud-in of the Murombe-1 (2212/06-1) ("Murombe-1"), the second offshore well in its back-to-back exploratory drilling campaign. This well is targeting the Murombe Prospect, located in Petroleum Exploration License 23 ("PEL-23"), in the Walvis Basin, offshore the Republic of Namibia.
The Murombe-1 well is located 220 km northwest of Walvis Bay in 1,391 m of water depth. This well is just 15 Km east of HRT's first well on PEL-23 (Wingat-1) which drill through two excellent oil producing source rocks from which they recovered liquid hydrocarbon. Murombe-1 will test a 1,000 km2 basin floor fan on a way4-dip closure at its highest structural elevation within a turbidite complex. The main objective of this well is to test the resource potential of Barremian aged turbidite reservoirs that have a well-defined seismic amplitude anomaly on the PSDM 3D data set. A shallower secondary objective, the Santonian aged Baobab confined channel complex with turbidite reservoirs, which is between the two oil producing source rocks, will also be penetrated.
The Boabab reservoir is expected to be encountered at 3,670 m depth below sea level and the Murombe reservoir is expected to be encountered at 5,090 m depth below sea level. Murombe-1 will be drilled to a projected total depth of 5,360 m by the semi-submersible Transocean Marianas (NYSE:RIG). The total time estimated to complete the operations is approximately 72 days.
HRT is the operator of 10 blocks offshore Namibia, which are contained in 4 Petroleum Licenses. GALP Energia (NYSE Euronext Lisbon: GALP), with 14% participating interest, is HRT's partner to drill the first 3 wells of the current exploration campaign.
"HRT is very excited to continue its Namibia exploration campaign with the Murombe well. We hope to benefit from the positive results of the Wingat-1 where source rocks and light oil were discovered. HRT is working hard to bring success to the company, its shareholders and the people of Namibia with our exploration efforts," highlighted Milton Franke, the CEO of HRT.
For further information, please contact HRT`s Investor Relations Department.
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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.
PDF available at: http://stream1.newswire.ca/media/2013/06/02/20130602_C4383_DOC_EN_27415.pdf
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