HRT commences partnership discussions in relation to world class Namibian exploration assets

abarrelfullabarrelfull wrote on 05 Apr 2012 05:35
Tags: africa deals hrt namibia upstream

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HRT Participações em Petróleo S.A. (the ?Company? or ?HRT?) (BM&FBOVESPA: HRTP3, TSX-V: HRP) is pleased to announce it has commenced discussions with leading oil companies to evaluate the feasibility partnership in its world class Namibian exploration acreage.

Through its wholly owned subsidiaries, HRT is the operator of ten exploration blocks in the Namibian offshore (and holds carried interest in two additional blocks) in the Wavis, Orange and Namibe basins. HRT’s area encompass 68,800 km2 (17 million acres) making it one of the major acreage holder in West Africa. The Company has recently concluded the largest 3D seismic campaign ever conducted on the Namibian coast. The Company’s drilling campaign is expected to commence between 4Q12 and 1Q13.

HRT decided to open the data room in Houston, in order to expedite the access to the available information by the interested companies. HRT‘s subsidiary, HRT America, will be responsible for the data room. HRT has retained Citigroup Global Markets Inc. as the strategic advisor.

"The data-room is yet another important step in HRT‘s history and should support our exploratory campaign in Namibia. This is a world class asset in one of the most promising oil and gas frontier in the world. The Company has committed a large amount of work and dedication to turn this project into reality" mentioned Marcio Rocha Mello CEO of HRT.

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