RIO DE JANEIRO,
Dec. 23, 2013 /CNW/ - HRT
Participações em Petróleo S.A. (the "Company" or "HRT")
(BM&FBOVESPA: HRTP3, TSX-V: HRP), together with its
wholly-owned subsidiary, HRT Oil & Gas Ltda ("HRTO&G"),
announce that, on this date, it acknowledged the approval, through
the Official Letter nº 1397/2013/SEP, given on December 18th, 2013, of the request
for the Assignment of Interests regarding a 60% participating
interest in the Polvo Field from BP Energy do Brasil Ltda ("BP") to
HRT O&G by the National Petroleum, Natural Gas and Biofuels
Agency (ANP).
The purchase and sale agreement (PSA) between
HRT and BP for the acquisition of a 60% interest in the Polvo
Field, in the amount of US$ 135
million, was signed on May
6th, 2013. Furthermore, the completion of the
PSA, which also encompasses the acquisition of 100% interest in the
company that holds the Polvo A fixed platform, and a 3,000 HP
drilling rig, was subject to certain preceding conditions, among
them, the ANP`s final approval. Upon completion, which is expected
to occur in the first half of January, 2014, HRTO&G will become
the operator of the Polvo Field.
Since the signature of the purchase agreement,
both Companies commenced the operation transition preparedness, so
that the final transfer could be made in a gradual, continuous and
integrated manner, while keeping the safety, performance and
quality standards. HRT`s operational team is in place and ready to
commence operations from completion.
The Company`s strategies include the drilling of
two new development wells, which will enable to increase the
production of undeveloped proven and probable reserves. Therefore,
the drilling of the first well is expected to commence during the
second half of 2014.
"The acquisition of part of the Polvo Field
drives HRT to a new stage, now operational, as an oil producing
company, and such fact is a great milestone in the history of HRT
and in the implementation of the strategy to diversify the
Company`s portfolio", highlighted Milton Franke, CEO of HRT.
For additional information, please contact HRT`s
Investor Relations Department.
Sedar Profile # 00031536
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
About HRT
HRT Participações holds one of the largest
independent oil and gas exploration and production companies in
Brazil. The HRT Group comprises
six 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.