Spud-In of the First Offshore Well on the Namibia’s Wingat Prospect

abarrelfullabarrelfull wrote on 26 Mar 2013 20:05
Tags: africa hrt namibia upstream

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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 the present date, the spud-in of the Wingat-1 (2212A/07) ("Wingat-1"), the first offshore well in its back-to-back exploratory drilling campaign. This well is targeting the Wingat Prospect, located in Petroleum Exploration License 23 ("PEL-23"), in the Walvis Basin, offshore the Republic of Namibia.

The Wingat-1 well is located at approximately 200 km to the northwest of Walvis Bay. Its water depth is 1,034 m and it will test an elongated combination trap with a potential P10 area of 381 km2 of which there is a 4-way-structural closure of 42 km2. The main objective of this well is to test the resource potential of the Albian aged carbonate platform that has a well-defined seismic amplitude anomaly in the PSDM-3D data set.

These reservoirs are expected to be encountered at approximately 3,950 m of depth below sea-level. Wingat-1 will be drilled to a projected total depth of 4,100 m by the semi-submersible Transocean Marianas (NYSE:RIG). The total time estimated to complete the operations is approximately 60 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.

"We are really confident in the start-up of the exploratory drilling campaign offshore Namibia. This moment is a milestone in the history of our Company, not only due to our entrance in the African continent, but also because of the potential of our current exploratory drilling campaign, of which Wingat is the first. We were brought to this point as a result of the expertise, effort and dedication spent by our world-class team members", highlighted Marcio Rocha Mello, the CEO of HRT.

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