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Petro Rio S.A. HRTPF

"Petro Rio SA is engaged in exploration and production of oil and gas in Brazil and abroad. The Company is currently engaged in the hydrocarbon production in Polvo field."


GREY:HRTPF - Post by User

Post by Deboraon Dec 09, 2014 11:18am
186 Views
Post# 23210526

HRT courts creditors OGPar field and want Shell

HRT courts creditors OGPar field and want ShellRIO DE JANEIRO - The businessman Nelson Tanure, the largest shareholder of HRT, is working on a merger between the oil and the OGPar, the successor of OGX - both relics of an era of liquidity and optimism that left some in nostalgia, others in prejuízo.Nelson Tanure As the Tanure plan depends on the approval of OGPar creditors, which is in bankruptcy protection, the entrepreneur has started a dialogue with the Rothschild bank, which represents the creditors, said people familiar with the situation. The plan for the union of the two oil - Early in VEJA.com by Lauro Garden - "makes a huge sense and has a spectacular logic, why would a huge cost savings for the new company to be created with the merger," said a person with access to Tanure plans. According to this source, the savings amount to more than $ 400,000 a day just in the platform ships rentals. "The OGPar and HRT rent, each, an FPSO vessel. In a merger, one would be enough, "said the source. In 365 days, these savings would reach $ 146 million, or 380 million. To get an idea of what this represents, the market value of HRT today (with the action to 7.40 reais) is 220 million. A merger between the two companies also solve the dispute that will lock about the "unitization" of its two main assets. HRT says the Tubarão Martelo field (OGPar) and the Octopus (HRT) are connected. The OGPar disagrees. In a press release on October 16, HRT said: "It is not mere assessment of HRT the existence of lateral continuity between the two camps. Studies conducted by the OGPar in 2012 show that one of the reservoirs of the Tubarão Martelo Field advance by calling ring fence Octopus field, a fact that, in the light of [Resolution ANP] requires the signature of an agreement for the individualization production between the dealers involved for the exploration and production sharing. " Another source said there is also formal talks between the two companies, but a third source said Tanure Eike Batista sought to persuade him of the merits of a merger. (As Eike has only 5% of OGPar and not send more in the company, the more likely it is that the Tanure have searched for free.) Tanure - that through various vehicles owns about 30% of the HRT - is known in the market for extracting value from companies in difficulty, whose shares he buys the proverbial souls basin. Separately, HRT negotiating the purchase of an oil field in production for Shell, said another person familiar with these conversations. The deal, which is already advanced, following the strategy adopted by HRT when bought in May 2013, a stake in BP Octopus Course. At the time, HRT paid $ 135 million for 60% of Octopus. The company has made an offer to Maersk the remaining 40%, but the deal still awaits approval of the National Petroleum Agency (ANP). "These medium sized fields and declining production are not of interest to majors [major global oil companies]," says a knowledgeable industry. "The most likely they are talking about one of these fields." By Geraldo Samor (VEJA.COM)
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