3D Seismic Acquisition Update in Namibia

abarrelfullabarrelfull wrote on 21 Jul 2011 05:51
Tags: hrt namibia upstream

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HRT Participações em Petróleo S.A. (the “Company” or “HRT”) (BM&FBOVESPA: HRTP3, TSX-V: HRP), announces that on July 19th, acquistion was concluded on the 5,278 km2 3D seismic program over HRT’s offshore blocks 2112B and 2212A in Walvis Basin, as seen in the image attached hereto. This survey was conducted by the Polarcus Naila vessel. In January 2011, HRT signed two seismic acquisition contracts with Polarcus.

This relevant 3D seismic acquisition allows us an in-depth view of rift and drift sequences, which is critical to advance exploration and leads to the drilling stage. This program has considerably exceeded our minimum work program commitment to acquire 200 km2 of 3D seismic prior to June 2013 over these blocks where HRT has 100% exploratory interest. The program is the largest ever undertaken offshore Namibia and covers over 45% of the licensed area. The Republic of Namibia’s Ministry of Mines and Energy has now extended the first exploration period in these blocks from three to five years, which means Petroleum Exploration License no. 0023 now ends on June 6, 2013, having already satisfied all work program requirements.

About Blocks 2112B and 2212A
The blocks are contiguous and span an area of 11,592 km2 (2,864,446 acres), positioned immediately west of Walvis Bay with water depths ranging between 300 and 1,400 m in a region geologically known as the Walvis Basin.

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