NEWS RELEASE NEW SPECIAL COMMITTEE https://www.mzweb.com.br/hrt/web/conteudo_en.asp?conta=44&idioma=1&id=175836&tipo=32124
Rio de Janeiro, July 1st, 2013 - HRT Participações em Petróleo S.A. (the "Company" or "HRT") (BM&FBOVESPA: HRTP3, TSX-V: HRP) announces that its Board of Directors, in their June 27 and 28 meeting, reviewed the ongoing drilling program in Namibia where the Murombe well is drilling ahead of schedule and below cost estimates. The well should finish drilling in early August. Polvo transition planning was reviewed with a target to assume operation of the field in the fourth quarter. The Solimões program was reviewed and significantly reduced due to recent results.
The Board of Directors unanimously decided to establish a new special committee to promptly evaluate inorganic development options for HRT, such options including but not limited to potential asset sales, strategic combinations, or sources of further capital. By the end of July, the Committee will develop initial recommendations to the Board of Directors including potential paths forward to maximize value for HRT shareholders.