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https://online.wsj.com/article/BT-CO-20130514-716934.html
RIO DE JANEIRO--Brazilian oil startup HRT Participacoes em Petroleo SA (HRTP3.BR) expects to have results from its first well drilled off the Namibian shore this week, a company executive said Tuesday.
"I think this week we're going to have the results," said Luiz Sguissardi, HRT's governmental affairs manager. Mr. Sguissardi made the comments on the sidelines of Brazil's 11th round auction of oil and natural gas exploration concessions.
HRT started drilling the prospect, dubbed Wingat, in March. The well is currently undergoing further testing that should be completed in coming days and allow the company to make an announcement, Mr. Sguissardi said. "I hope that we will have news," Mr. Sguissardi said.
Namibia is the crown jewel of HRT's portfolio of oil and natural gas exploration blocks. Geologists believe the highly prospective region off Namibia's coast could hold billions of barrels of oil under similar conditions to Brazil's subsalt, where oil was discovered trapped under a thick layer of salt. The two areas were connected millions of years ago.
HRT plans a three-well drilling campaign in West African seas this year. HRT is also in talks to sell an additional stake in its Namibian oil and natural gas exploration blocks, with proceeds earmarked to fund drilling of a fourth well.
Portugal's Galp Energia (GALP.LB) previously acquired a 14% stake in three of HRT's exploration blocks in return for covering a portion of drilling costs. HRT holds operating stakes in 10 blocks and minority shares in two others in the Walvis, Orange and Namibe basins.
Oil industry consultants DeGolyer and MacNaughton pegged average prospective resources for HRT's offshore acreage in Namibia at 7.4 billion barrels of oil equivalent. Average prospective resources are a preliminary measure used by the industry to indicate oil volumes that could be recovered from undiscovered deposits.