RE: News on Upstream Online NOT news.....speculation:
HRT confirmed its Wingat-1 well off Namibia has hit its geologic target, but the company has not reported pay so far and said operations are expected to wrap up next week.
The update on the high-profile wildcat comes just days after the Brazil independent said chief executive Marcio Mello and another top boss, Wagner Peres, were out of their jobs.
"This well had a target to encounter the reservoirs of an Albian carbonate platform, which were hit at 4050-metre depth below the sea-level," the company said.
"HRT forecasts that the current activities in the Wingat-1 well will be concluded next week."
Executives told investors on a conference call that evaluation of the well should wrap up next week with results forthcoming.
Investment bank Tudor Pickering Holt speculated that the "wording from HRT’s results release on the Wingat well combined with stock performance and CEO’s exit suggests that the well is a dry hole."
A longer timeframe for logging and testing would be expected with a discovery, the firm said in a note.