RIO DE JANEIRO, Sept. 9, 2013 /CNW/ - HRT Participações em
Petróleo S.A. (the "Company" or "HRT") (BM&FBOVESPA: HRTP3,
TSX-V: HRP) announces that the Moosehead-1 well (2713/16-1)
("Moosehead-1"), the third offshore well in our exploratory
drilling campaign, is a dry hole. This well targeted the Moosehead
Prospect, located in Petroleum Exploration License 24 ("PEL-24"),
in the Orange Basin, offshore the Republic of Namibia.
The main objective of the Moosehead-1 well was
to test the resource potential of Barremian-aged carbonate
reservoirs, expected to be equivalent to the Brazil and Angola "pre-salt" reservoirs, within a 546
km2 4-way dip closure, mapped on 3D seismic. Extensive
formation evaluation was performed to confirm the nature and
quality of the carbonate reservoir and source rock intervals,
including wireline logs and sidewall core samples.
The Moosehead-1 well encountered approximately
100m of carbonates at the primary target. The nature of the
reservoir, though further analysis of data collected will be
necessary, appears similar to the "pre-salt" reservoirs as
predicted. However, porosity was less developed than expected in
this location, and is being considered a dry-hole. Wet gas shows
were encountered in the section that increased in wetness with
depth. At least two potential source rocks were penetrated,
including the well-developed Aptian-age source rock. Indications of
source rocks in the deeper rift section were also apparent, though
not penetrated. Further analysis of the well sampling will greatly
help with continuing exploration on the HRT blocks in Namibia.
The Moosehead-1 well was located in 1,716m of
water depth and was drilled to 4,170m of measured total depth. The
well was drilled, wireline logged and P&A, in a total of 47
days, by the Transocean Marianas (NYSE:RIG) semi-submersible rig.
Operational and safety performance was excellent. This completes
HRT's Namibian drilling campaign and the Transocean Marianas is
available for sublease.
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.
"The Moosehead well concludes HRT's first
drilling campaign in Namibia with
very important geological information even though no pay zones were
found in this well. The time has come for a thorough analysis of
our three well results and assets in Namibia to develop new plans for 2014 and
2015. We conclude this campaign with the understanding that both
the Orange and Walvis basins, tested with drilling, are oil and gas
prone basins, new exploration efforts will bring commercial
hydrocarbon discoveries and that HRT will be part of the future of
Namibian exploration", highlighted Milton Franke, the CEO of HRT.
For additional information, please contact HRT's
Investor Relations Department.
Sedar Profile # 00031536
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About HRT
HRT Participações holds one of the largest independent oil and gas
exploration and production companies in Brazil. The HRT Group comprises eight main
subsidiaries: IPEX (Integrated Petroleum Expertise Company Serviços
em Petróleo Ltda.), HRT O&G Exploração e Produção de Petróleo
Ltda., HRT Netherlands B.V., HRT África Petróleo S.A., HRT América
Inc. and HRT Canada Inc.. The Company retains a 55% interest in 19
exploratory blocks in the Solimões Basin. HRT also operates ten
exploratory blocks off the Namibian coast: eight blocks in the
Orange Sub-basin and two blocks in the Walvis Sub-basin. HRT's team
includes PHDs and masters in geochemistry, geophysics, biology and
engineering, most of them former employees of Petrobras and ANP
(Brazil petroleum agency). HRT is
committed to minimizing any possible environmental impacts in the
sites where it acts. Our commitment to the local communities is
towards health conditions, safety and quality of life. For more
information, please visit the Company's website:
www.hrt.com.br/ir
Disclaimer
This news release contains forward-looking statements. All
statements other than statements of historical fact contained in
this news release are forward-looking statements, including,
without limitation, statements regarding our drilling and seismic
plans, operating costs, acquisitions of equipment, expectations of
finding oil, the quality of oil we expect to produce and our other
plans and objectives. Readers can identify many of these statements
by looking for words such as "expects", "believe", "hope" and
"will" and similar words or the negative thereof. Although
management believes that the expectations represented in such
forward-looking statements are reasonable, there can be no
assurance that such expectations will prove to be correct. By their
nature, forward-looking statements require us to make assumptions
and, accordingly, forward-looking statements are subject to
inherent risks and uncertainties. We caution readers of this news
release not to place undue reliance on our forward-looking
statements because a number of factors may cause actual future
circumstances, results, conditions, actions or events to differ
materially from the plans, expectations, estimates or intentions
expressed in the forward-looking statements and the assumptions
underlying the forward-looking statements.
The following risk factors could affect our
operations: the contingent resource and prospective resource
evaluation reports involving a significant degree of uncertainty
and being based on projections that may not prove to be accurate;
inherent risks to the exploration and production of oil and natural
gas; limited operating history as an oil and natural gas
exploration and production company; drilling and other operational
hazards; breakdown or failure of equipment or processes; contractor
or operator errors; non-performance by third party contractors;
labour disputes, disruptions or declines in productivity; increases
in materials or labour costs; inability to attract sufficient
labour; requirements for significant capital investment and
maintenance expenses which HRT may not be able to finance; cost
overruns and delays; exposure to fluctuations in currency and
commodity prices; political and economic conditions in Namibia and Brazil; complex laws that can affect the cost,
manner or feasibility of doing business; environmental, safety and
health regulation which may become stricter in the future and lead
to an increase in liabilities and capital expenditures, including
indemnity and penalties for environmental damage; early
termination, non-renewal and other similar provisions in concession
contracts; and competition. We caution that this list of factors is
not exhaustive and that, when relying on forward-looking statements
to make decisions, investors and others should also carefully
consider other uncertainties and potential events. The
forward-looking statements herein are made based on the assumption
that our plans and operations will not be affected by such risks,
but that, if our plans and operations are affected by such risks,
the forward-looking statements may become inaccurate.
The forward-looking statements contained herein
are expressly qualified in their entirety by this cautionary
statement. The forward-looking statements included in this news
release are made as of the date of this news release. Except as
required by applicable securities laws, we do not undertake to
update such forward-looking statements.
SOURCE HRT Participações em Petróleo S.A.
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