RIO DE JANEIRO,
Nov. 13, 2014 /CNW/ - HRT
Participações em Petróleo S.A. - "HRT", "HRTP" or "Company"
(BM&FBovespa: HRTP3 and TSX-V: HRP) announces its results for
the third quarter of 2014 ("Q3 14"). Unless otherwise indicated,
the financial and operational information below is presented on a
consolidated basis and stated in thousands of Brazilian Reais (R$)
according to the International Financial Reporting Standards
(IFRS), including our direct subsidiaries: HRT O&G Exploração e
Produção de Petróleo Ltda., HRT Africa Petróleo S.A., HRT America
Inc. and their respective subsidiaries and branches.
Q3 14 HIGHLIGHTS AND SUBSEQUENT EVENTS
- Accumulated Net Revenues of R$405
million, Gross Profits of R$105
million, EBITDA of R$95
million with 23% margin and Net Income of R$21 million, in 2014;
- Net Revenues of R$127 million,
Gross Profits of R$28 million, EBITDA
of R$24 million with 19% margin and
Net Income of R$10 million, in the
third quarter of 2014;
- Production of 2.7 million barrels of oil in the Polvo Field, in
9M14, average production of 9.7 thousand barrels per day (100%), in
Q3 14, and an average production of 10.0 thousand barrels per day
(100%), in 9M14;
- Operational efficiency of 98% in the Polvo Field and successful
execution of simulated emergency response tests under the full
deployment mode, monitored by Ibama;
- Revision of the Polvo Field's lifespan until the end of 2017,
in view of the production seen, considering only current producing
wells - proved and developed reserves;
- Fulfillment of ANP's requirements in audit for compliance check
of the Operational Security Management System;
- Proposal submitted to the Ministry of Mines and Energy of
Namibia to extend the licenses
terms (Petroleum Exploration Licenses - PELs);
- Sale of the IPEX lab;
- Approval of the 1st Issuance of Convertible
Debentures into Shares to finance new investments in the Polvo
Field and acquire new production assets.
MANAGEMENT REPORT
HRT ended the third quarter of 2014 with a free
cash flow of R$404 million,
accumulated Net Revenues of R$405
million in the nine months ended September 30, 2014, Gross Profit of R$105 million, EBITDA of R$95 million and Net Income of R$21 million, and no loans or debt financing at
the end of this 9-month period.
The quarter's highlight was the non-stop
production in the Polvo Field of 893,000 barrels of oil and 270,000
m3 of natural gas (100%), with high operational
efficiency, 11 p.p. above the previous quarter's registered
numbers. In the nine months ended September
30, 2014, 2.7 million barrels were produced (1.6 million
barrels considering HRT's stake of 60%). In Q3 14 a fourth sale of
oil was carried with the amount of 577,000 barrels of oil and,
considering the 9-month period, 1.8 million barrels of oil were
exported (referring to the 60% stake). The Polvo Field has
represented a turning point for HRT, both considering the
production trend seen during its first nine months of operation,
and the cost-saving initiatives which have been implemented that
mitigates the effects of the drop in oil price in the international
market, contributing to the initiatives of extending the field's
economic lifespan. In the nine months ended September 30, 2014, HRT was able to reduce
production costs in the Polvo Field by 14%, compared to the nine
months ended September 30, 2013.
The third quarter was also active with relations
between HRT and regulatory authorities, specially Ibama and ANP.
HRT, monitored by Ibama, executed a simulated test of answers to
emergencies, which went normal, especially on account of perfect
performance of FPSO and Polvo A Platform on-board staff. On the
other hand, audits carried out by ANP in the Drilling Rig installed
in the Polvo A Platform and at the platform itself, identified a
number of improvement opportunities which have been observed by
HRT, within the deadline indicated by ANP.
For the future, HRT intends to keep executing
interventions at wells, as well as new drillings to develop 1P and
2P reserves. These activities rely on concluding investments in the
rig, ANP's authorization and the assignment of Maersk's interest in
the Polvo Field, to which HRT filed an appeal with ANP against the
denial and the Company expects the assignment to be authorized in
the near therm.
During the quarter, negotiations were undertaken
with Rosneft to conclude the transfer of operations in the Solimões
Sedimentary Basin, which was approved by ANP in July 2014, as well as for the acquisition of the
four drilling rigs. Factors beyond the control of Rosneft
have impacted the ability to complete parts of the transaction but
HRT and Rosneft continue to work on such negotiations and believe
that a conclusion can be reached in near future.
In Namibia, HRT
continues to pursue the farm down of its licenses, aiming at
attracting large oil companies to evaluate our assets and enter
into a partnership with HRT. Concurrently, we carry on the license
renewal processes with the Namibian Government. We remain confident
that the Company will reach a favorable solution by the end of this
year.
Finally, it is worth mentioning HRT's continued
actions to reduce costs and optimize its internal processes aiming
at gaining efficiency. Several agreements have been revised at the
Polvo Field, i.e., vessels, shorebases in the city of Niterói and
helicopters, so that relevant cost savings and higher service
quality are attained.
HRT is ready for accelerated development with a
coordinated and confident team, looking at new horizons and new
challenges, and a strengthening of its bases for growth through the
development of Polvo Field and the acquisition of new producing oil
and gas assets.
Milton Romeu
Franke
CEO of HRT
3Q14 HIGHLIGHTS AND SUBSEQUENT EVENTS
CORPORATE GOVERNANCE
On October 24,
2014, HRT's Board of Directors approved its 1st
Issuance of Debentures Convertible into Shares, totaling up to
R$90,000,000.00, through the issuance
of up to 4,500,000 Debentures.
The Issue of Debentures aims at raising funds,
which will be set aside to develop the mapped oil reserves in the
Polvo Field. In addition, funds may be allocated to the acquisition
of new production assets, including the subsidiary HRT O&G's
acquisition of Maersk Energia Ltda.'s interest ("Maersk") held in
the Polvo Field.
The debentures will be converted into common
shares, within no later than five years and will earn half-yearly
compensatory interest rates corresponding to the 90% of the
accumulated variation of the average one-day daily Interbank
Deposit, Extra-group Over ("DI Rate"), expressed in percentage form
per year based on 252 business days, as calculated and announced
daily by the CETIP S.A. - OTC Clearing House ("CETIP").
The number of shares to be delivered to the
Debenture holders on the Debenture Conversion Date will be the
result of dividing the Par Value of the Debentures, of R$20.00 per Debenture, by the lesser of: (i) the
weighted average, by daily volume, of the closing price of the
shares over the last 10 BM&FBOVESPA trading sessions, prior to
October 27, 2014, with a discount of
25%; or (ii) the weighted average by daily volume of the closing
price of the shares over the last 10 BM&FBOVESPA trading
sessions prior to the receipt of the request for conversion with a
discount of 25%. The shares purpose of the conversion will be
subject to a restriction to trade and transfer during 12 months as
of the conversion date.
The period for the subscription rights exercise
by shareholders began on October 28
and will run until 26 November
2014.
SAFETY, ENVIRONMENT, HEALTH AND SOCIAL
RESPONSIBILITY
HRT prioritizes activities, initiatives and
controls regarding Safety, Health and Social Responsibility in its
Exploration and Production segments. The Safety, Environment,
Health and Social Responsibility team is always attentive to
training and to procedures required to ensure the good operational
performance and compliance with laws in our offshore and onshore
operations.
As an essential item of HRT's safety policy and
a fundamental key to meeting conditions of its licenses, simulated
tests are conducted continuously with operating staff, so that the
company and the operating staff are always ready to answer to
different emergencies that might occur.
According to its annual planning, in
August 2014, HRT executed a simulated
emergency response exercise under the full deployment mode, where
there is a real mobilization of resources, including boats,
helicopters, etc.
The hypothetical accident scenario of these
tests include vessel collision, helicopter crash, explosion, toxic
gas leakage and even oil spills at sea.
The exercise was attended by observers of the
Oil and Gas General Coordination - CGPEG, Environmental Licensing
Executive Board - Dilic of Ibama - Brazilian Institute of
Environment and Renewable Natural Resources accompanied the tests,
who in loco checked and evaluated the team's performance when
answering to emergencies.
In August, HRT was inspected by ANP, who visited
the Company's facilities to check the conformity with the
Operational Safety Management System (SGSO). The inspection
included 2-day documentary audit and 2-day inspection at the Polvo
A Platform.
ANP issued the report and pointed out a few
improvements, which are already being implemented.
HRT GROUP OF COMPANIES
HRT OIL & GAS
SOLIMÕES
HIGHLIGHTS
As disclosed in the Q2 14 Earnings Release, in
early July, the Brazilian National Agency of Petroleum, Natural Gas
and Biofuels (ANP) approved the assignment of 6% of exploration,
development, production and operation rights of the 18 blocks under
HRT O&G's concession in the Solimões Sedimentary Basin
("Solimões"), which now holds a 49% interest, to Rosneft Brasil (a
Brazilian subsidiary of Rosneft Oil Company) ("Rosneft Brasil"),
which became the blocks' operator, holding a 51% interest.
The transaction totaled US$96 million, US$54
million of which were received in Q4 13 and US$18 million in Q1 14. The remaining amount of
US$24 million will be received upon
completion of the transaction.
Also in early July, HRT, Rosneft Brasil and
Petrobras signed a new Memorandum of Understanding ("MoU") for the
second phase of the Gas Monetization Project, regarding the
cooperation in the review of development systems to monetize gas in
areas under concession of Petrobras and HRT O&G/Rosneft Brasil
in the Solimões Sedimentary Basin.
In Q3 14, HRT and Rosneft carried on
negotiations to conclude the assignment of operations in the
Solimões Sedimentary Basin and four heli-transportable drilling
rigs acquired with it. External factors impacted the ability of
completion of parts of the transaction, however, HRT and Rosneft
continue working to complete these negotiations shortly.
As previously released, in Q1 14, HRT filed with
ANP a request to extend the exploratory phase for the blocks
SOL-T-148 and SOL-T-149. Rosneft and HRT are still awaiting a final
position from ANP regarding the last review.
POLVO
HIGHLIGHTS
During Q3 14, HRT maintained an operational
efficiency level of 98%, which allowed the production of 893,000
barrels of oil (100%), in the period. The operating efficiency in
the previous year was approximately 80%.
The adoption of preventive measures and the
ongoing technical monitoring resulted in a more stable production
profile at the field, thus, mitigating the decline of production in
the quarter.
It is worth mentioning that since it became a
field operator, up to date, HRT was liable for 14% reduction of
Polvo's operating expenses, compared to the same period last year,
which reiterates the Company's commitment and efforts to pursue an
extended economic lifespan of the field.
At the end of October, 2014, 3,040 thousand
barrels of oil were produced (100%) in 2014 to date. The average
production of natural gas in the quarter was 31,000 m3
per. Currently, 97% of produced gas is used as fuel in the field's
activities.
At the end of September, HRT sold its
4th cargo in the year with a volume of approximately
577,000 barrels. Through this sale, HRT recognized net revenues of
R$123.4 million in Q3 14. The Company
expects to sell the fifth cargo, with a volume of approximately
500,000 barrels, in December
2014.
As a non-recurring event, in August, HRT sold
43,000 barrels of slops (liquid deriving from exploration period
and stored for subsequent disposal), with a revenue of R$3.3 million.
Currently, HRT is ranked the seventh largest
company in oil production in Brazil, according to ANP.
In Q3 14, the Polvo Field Operations team
implemented a relevant study on the field's production behavioral
profile since 2012 up to date. The study's results reveal that
production, since HRT became the operator, acquired a more stable
profile and downtimes significantly lower than those recorded in
previous years.
These observations bring a new estimate to the
field's future production behavior, 11.8% higher than initially
estimated. Taking into account current market prices, higher
operational efficiency and initiatives to reduce production costs,
the Company believes that the field's economic lifespan has
capacity to be extended for another year than the initial estimate,
until the end of 2017, considering current production wells.
The chart below shows the quarterly oil
production, considering 100% of the Polvo Field output: (click
here)
In early July, HRT entered into a purchase and
sale agreement with Maersk to acquire 40% of the exploration,
development and production rights in the Polvo Field area, located
in the Campos Sedimentary Basin. In October, HRT received a letter
from ANP informing that it denied the assignment request. HRT
immediately filed an appeal with the regulatory agency to request a
review on the decision by presenting further documentation. Once
approved, the operation will grant HRT 100% stake on the Polvo
Field.
In mid-October, HRT submitted to the Exploration
Superintendence (ANP's SDP) a request to have access to the
Administrative Proceeding which contains the technical reports and
the Development Plan ("DP") of the Tubarão Martelo field, in view
of Óleo e Gás Participações S.A. - under Court-supervised
Reorganization ("OGPar") statement referring to the actual status
of the Production Unitization Agreement - AIP ("Unitization") of
the Polvo Field, with Tubarão Martelo Field, operated by OGX
Petróleo e Gás S.A. - under Court-supervised Reorganization
("OGX"), wherein OGPar disagrees with HRT's evaluation about a
connection between the Tubarão Martelo and Polvo fields and,
accordingly concerning the need of unitization of fields required
by ANP Resolution 25 of July 8,
2013.
Despite the studies conducted by OGPar in 2012,
attest that one of the reservoirs located in the Tubarão Martelo
Field advances towards the ring fence of the Polvo Field and ANP
has formally conditioned the approval of the Tubarão Martelo
Field's DP to the submission, until December
31, 2014, "[of] the submission of formalization of the
Production Unitization Agreement - AIP related to the extension of
the reservoir into the area of the Polvo Field"", up to date, HRT
has not received the seismic and geological data from
OGPar.
At the end of October, ANP notified OGPar to
submit the information required, so that HRT may interpret the
unitization process.
NEXT STEPS
As previously disclosed in the Q2 14 Earnings
Release, HRT's technical staff has already prepared a Development
Plan to be submitted to ANP, contemplating new investments to
extend the Polvo Field's lifespan, which foresees, among other
measures, increased production from new wells to be drilled in
proven undeveloped reserves and probable (1P and 2P), besides
alternatives to increase production efficiency from current
producing wells and wells that have been temporarily shut in, by
means of investments of up to US$75
million.
HRT AFRICA
NAMIBIA
HIGHLIGHTS
In Q3 14, HRT moved ahead with 3D modeling
studies of oil systems at the Walvis and Orange Basins, on the
Namibian coast, by applying data collected at source rocks and
reservoir from three drillings that were executed. The studies
clearly evidence the basins oil potential.
At the same time, HRT carried on the farm down
process of licenses held in Namibia through meetings with interested
companies and provided access to the data room.
Also highlighted in the Q2 14 Earnings Release,
the Company's representatives are still attending international
events in Namibia and South Africa, for meetings with companies
interested in HRT's assets.
In early November, HRT requested from the
Ministry of Mines and Energy of Republic of Namibia ("MME") an extension of the
exploratory period of its blocks, for another three years. The
extension of the exploratory period will allow HRT to carry on its
farm down process and obtain new partnerships in order to develop
this large area. HRT expects to receive an answer from MME over the
next few weeks.
DIVESTMENT PROGRAM
In September, HRT entered into the Purchase and
Sale Agreement with Eurofins Scientific Group ("Eurofins") to sell
its subsidiary, Integrated Petroleum Expertise Company - Serviços
em Petróleo Ltda ("IPEX").
The purchase and sale transaction between HRT
and Innolab do Brasil Ltda ("Innolab"), Eurofins' subsidiary in
Brazil, was completed days after
the execution of the agreement and includes, besides transferring
100% of HRT's interest in IPEX's capital to Innolab, the transfer
of all equipment, contracts and employees.
The execution of this agreement was another
HRT's important initiative to implement measures reducing the
corporate costs and executing the divestment program of
non-strategic assets, initiated in 2013, which enables the Company
to be more and more focused on its core business.
Eurofins is a global leader in bio-analytical
services and offers a wide range of tests and essays for the food
analysis, pharmaceutical, agro-science and environmental segments.
Eurofins has more than 200 laboratories located in more than 36
countries.
HEADCOUNT
We show below the changes in HRT's own
headcount: (click here)
At the close of Q3 14, HRT's staff levels were
reduced by 38 employees, mainly through restructuring the IPEX and
Solimões Project.
The decrease in personnel evidences HRT's
commitment with cost-saving and optimization initiatives
implemented since 2013.
FINANCIAL RESULTS - Q3 14
The following table shows the Company's
consolidated results, including the results of its direct
subsidiaries HRT O&G, HRT Africa, HRT America and their
respective subsidiaries and branches: (click here)
EBITDA was R$24
million in Q3 14, an R$841
million improvement over Q3 13. It is worth mentioning the
write-off of dry wells of R$134
million and the provision for impairment (realization risk)
of R$616 million in the same period
in 2013, which also impacted the Operating Expenses variation,
resulting in 96% reduction year-on-year. The consolidated EBITDA
margin stood at 19%, mainly due to the oil sale in the quarter,
representing a Gross Profit of R$28
million. The consolidated Gross Profit represents the sheer
result of the production operation in the Polvo Field, excluding
the allocation of corporate expenses (G&A) and geology and
geophysics expenses (G&G). If costs amortization are excluded
from Gross Income, there is a gross margin on Revenues of 43% in Q3
14 and 9M14.
Personnel expenses went down 42%, due to a
significant 34% reduction in the Company's headcount, when compared
with Q3 13. Personnel expenses in Q3 14 are net of amount allocated
to the Polvo and Solimões projects, and offset by partners
proportionally to their stake in these projects.
As evidence of efforts endeavored to cut down
operating expenses, mainly costs deriving from structure
maintenance at Solimões, general, administrative expenses added to
outsourced expenses declined by 30%. It is worth mentioning that,
different from 2013, when drilling exploratory campaigns were in
progress and accordingly, exploratory expenses were allocated to
the intangible assets, maintenance expenses and operating
agreements of Namibia and
especially Solimões are directly allocated to 2014 results.
The Depreciation/Amortization line was impacted
by HRT's exploration works started in the Polvo Field. Out of the
total amount of R$28 million of
consolidated depreciation and amortization expenses, R$26 million refer to the amortization of amounts
preliminarily allocated as Polvo Field's subscription bonus and
abandonment costs.
In addition, in Q3 14, the Company sold its
subsidiary IPEX, with a positive net effect in the operating income
of R$3 million (revenues from sales
less the residual value written-off from the investment), recorded
as divestment. The results of this company, both in the current
quarter and previous quarters, were transferred to the line named
Results of Discontinued Operations, in accordance with CPC 31 -
Non-current Assets Held for Sale and Discontinued
Operations.
The graphs below show, in millions of Reais, the
quarterly variation of the main groups of accounts in HRT's
Consolidated Income Statement: (click here)
TOTAL CASH, CASH EQUIVALENTS AND INVESTMENTS
The Company closed Q3 14 with a consolidated
cash flow of R$404 million, 11% up on
Q3 13.
It is worth noting in Q3:
- Inflow of R$125.8 million from
sales, in September, of oil produced in the Polvo Field and offtake
of 577,000 barrels;
- Inflow of R$3.3 million from
sales of slops produced in the Polvo Field of approximately 43,000
barrels of fluids;
- R$27 million were received from
partners, referring to Cash Calls from the Oil Exploration and
Production (E&P) Campaigns;
- R$7.2 million were received from
the sale of the subsidiary IPEX;
- R$2 million were received by the
Group's subsidiaries referring to services rendered with third
parties;
- R$4.4 million were disbursed to
Maersk referring to the advance for acquisition of 40% interest in
the Polvo Field.
The graph below shows the evolution of the
Company's consolidated cash and cash equivalents as of Q4 13, and
the collateralized amounts during such period. Currently, the
Company has no obligations deriving from loans and/or financing,
and no collaterals to restrict its liquidity: (click here)
The chart below presents, in a summarized way, the cash flow
stating its main inflows and outflows during the nine months of
2014, highlighting disbursements, inflow from revenues and
receivables due to loans: (click here)
The table below shows the breakdown of disbursements recorded in
the nine months ended September 30,
2014 and September 30, 2013,
by project, grouped into recurring and non-recurring disbursements,
highlighting the Cash Calls received from partners. It is worth
mentioning that in 2014 we commenced operations at the Polvo Field,
in partnership with Maersk. In 2013, we highlight the operation in
the Solimões Sedimentary Basin where 11 explorations wells were
made in partnership with Rosneft, as well as the offshore campaign
in Namibia, which featured three
exploratory wells in partnership with Galp: (click here)
To view HRT's full Q3 14 Earnings and Financial Results, please
view at the following link: (click here)
ABOUT HRT
HRT, through its subsidiaries, holds a 60%
participating interest and it is also the operator of the Polvo
Field, which is located in the southern portion of the Campos
Basin, at 100km east of the city of Cabo Frio, Rio de Janeiro. HRT has Brazil's seventh largest daily production of
barrels of oil equivalent (boe), with 20.3º API, deriving from
three producing reservoirs. HRT is the owner, through its
subsidiaries, of "Polvo A" fixed platform and a 3.000HP drilling
rig, currently in operation in the field, being the platform
connected to the "Polvo FPSO" vessel, with capacity to segregate
hydrocarbons and water treatment, oil storage and offloading. Polvo
Field license covers an area of approximately 134km2,
with several prospects with potential for further explorations.
Additionally, HRT holds a 55% interest and is the operator of 18
exploration blocks in the Solimões Basin, and also operate s ten
exploration blocks off the Namibian coast, in the Orange and Walvis
sub-basins. HRT is committed to minimizing any possible
environmental impacts on 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
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
Certain information contained in this document, including any
information as to our strategy, projects, plans or future financial
or operating performance and other statements that express
management's expectations or estimates of future performance
constitute "forward-looking statements". All statements, other than
statements of historical fact, are forward-looking statements. The
words "believe", "expect", "will", "anticipate", "contemplate",
"target", "plan", "continue", "budget", "may", "intend", "estimate"
and similar expressions identify forward-looking statements.
Forward-looking statements are necessarily based upon a number of
estimates and assumptions that, while considered reasonable by
management, are inherently subject to significant business,
economic and competitive uncertainties and contingencies. HRT
cautions the reader that such forward-looking statements involve
known and unknown risks, uncertainties and other factors that may
cause the actual financial results, performance or achievements of
HRT to be materially different from HRT's estimated future results,
performance or achievements expressed or implied by those
forward-looking statements and the forward-looking statements are
not guarantees of future performance.
HRT disclaims any intention or obligation to update or revise
any forward-looking statements whether as a result of new
information, future events or otherwise, except as required by
applicable law.
Legal Notice
This document contains statements about future events. All
statements contained in this document, except those relating to
historic facts, refer to future events, including, without
limitation, statements about drilling plans and seismic
acquisitions, operating costs, equipment purchases, expectations of
oil finds, the quality of the oil we expect to produce and our
other plans and objectives. Readers may identify a number of these
statements from the use of words such as "estimate", "believe",
"expect" and "intend", and similar words or their negatives.
Although management believes that the expectations indicated in
these statements are reasonable, we cannot give any assurance that
such expectations will be fulfilled. By their nature, statements
about future events require us to make suppositions and so such
statements are subject to inherent risks and uncertainties. We warn
readers of this document not to place undue trust in our statements
about future events, since various factors can lead to future
circumstances, results, conditions, actions or events that may
differ substantially from the plans, expectations, estimates and
intentions expressed in these statements about future events and
their underlying assumptions. The following risk factors could
affect our operations: assessment reports on contingent or
prospective resources involving a significant degree of
uncertainty, and based on projections that may not be accurate;
risks inherent to the exploration and production of oil and natural
gas; limited history of operating as an oil and natural gas
exploration and production company; drilling and other operating
problems; breakdown or failure in equipment or processes; mistakes
made in agreements or by operators; failure of contractors to
perform; labor disputes, interruptions or loss of productivity;
increase in material or personnel costs; inability to attract
sufficient personnel; intensive capital requirements for investment
and maintenance expenses that HRT may not be able to finance; costs
caused by delays; exposure to fluctuations in exchange rates and
commodity prices; economic conditions in Namibia and Brazil; complex laws that may affect costs or
the means of carrying on the business; regulations in respect of
the environment, health and safety that may become stricter in
future and lead to an increase in liabilities and capital costs,
including indemnities and penalties for damage to the environment;
the early cancellation, non-renewal or other similar factors
affecting the concession agreements; and competition. We warn you
that this list of factors is incomplete, and that investors and
others basing their decisions on statements about future events
should carefully consider other uncertainties and potential
occurrences. The statements about future events contained herein
are based on the assumption that our plans and operations will not
be affected by these risks. If our plans and operations are so
affected, our statements about future events may prove to be
inaccurate.
This legal notice applies expressly to all statements about future
events contained in this document. These statements are made as of
the date of this document. We do not undertake to update these
statements about future events, except when required to do so by
the applicable securities legislation.
SOURCE HRT Participações em Petróleo S.A.
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