HRT Signs An Agreement With Maersk To Acquire A 40% Participating Interest In The Polvo Field

abarrelfullabarrelfull wrote on 09 Jul 2014 12:30
Tags: brazil hrt maersk s-america upstream


HRT Participações em Petróleo S.A. (the "Company" or "HRT") (BM&FBOVESPA: HRTP3, TSX-V: HRP), jointly with its wholly-owned subsidiary, HRT Oil & Gas Ltda ("HRTO&G"), announces that it has entered into a purchase and sale agreement with Maersk Energia Ltda ("Maersk") to acquire a 40% participating interest in the Polvo Field, in the Campos Basin.

The completion of the purchase and sale transaction between HRTO&G and Maersk is subject to certain conditions, including the final approval by the National Petroleum, Natural Gas and Biofuels Agency (ANP).

HRT’s plan is to extend the lifespan of this Field through the increase in production from proved undeveloped reserves.

"The acquisition of a 40% stake in the Polvo Field ratifies our confidence in the potential for production of this field. After six months operating the field, we confirm what we already knew about it in the past, and we place new perspectives in it for the development of the production. This is one more milestone in HRT’s strategy of growth and sustainability", highlighted Milton Romeu Franke, Chief Executive Officer of HRT.


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