Brazil's HRT Hires Transocean Rig To Drill Offshore Namibia
May 23 2012 - 8:48AM
Dow Jones News
Brazilian oil startup HRT Participacoes em Petroleo SA
(HRTP3.BR) said Wednesday that it had hired a semisubmersible drill
rig from Transocean Ltd. (RIG, RIGN.VX) to drill prospects off the
coast of Namibia, where the company holds stakes in 12 exploration
blocks.
In a filing with stock regulators, HRT said a final contract
would be signed in 15 days. The Transocean Marianas semisubmersible
rig will be hired for 280 days, enough time to drill four wells,
HRT said.
"We are very happy with the speed of our exploration campaign in
Namibia," HRT Chief Executive Marcio Mello said in a statement.
Earlier this year, HRT said that it had started talks with
potential partners to sell a stake in the company's offshore
exploration blocks in Namibia. HRT expects to complete the stake
sale in the first half of 2012, with more than 20 companies showing
interest, Mello told Dow Jones Newswires in an exclusive interview
in April.
HRT's U.S. affiliate opened a data room in Houston after
recently completing a three-dimensional seismic survey of the
company's holdings off the coast of the West African country.
Namibia holds operating stakes in 10 blocks and minority shares in
two others in the Walvis, Orange and Namibe basins.
Citigroup Global Markets was hired as a strategic adviser on the
sale, also known as a farm-out.
-By Jeff Fick, Dow Jones Newswires; 55-21-2586-6085;
jeff.fick@dowjones.com