Home
hrt
News
+ Read
Blue Chip and 1 guy, Petrobras has perspective "unimpressive", says Santander
Banks and brokerages Recommendations 2 review recommendation to 10 companies
Eike Batista 3 Batista puts for sale private jet for $ 14 million
4 recommendations Coinvalores recommends increasing exposure in 5 actions
5 where to INVEST Brokerage recommends 5 "top picks" for this week
More news
HRT and the dry wells: there are or are deemed to have exhausted the possibilities of the company?
Although the market digests the news with strong pessimism, analysts point out that there is light at the end of the tunnel and the result of the first well in Namibia does not influence too much expectation for
By Paula Bar
| 1:14 pm | 5/21/2013
(a) the
SAO PAULO-the first drilling of HRT (HRTP3) in Namibia did not bring the expected result: confirmation that the well-1 has no Wingat commercial volume. The Solimões basin, the company also disappointed to find a dry well. Now, the question that is on the market: what the company can do? There is still an outlet for the company or have exhausted the possibilities of appreciation?
Second report from the research House Empiricus, the first element that should keep in mind, in the case of Namibia, refers to the impossibility of judging a basin of hydrocarbons from a single drilling. The country is still a frontier subexplorada, with less than 20 perforations made in offshore (offshore)-excluding the two latest piercings of the Chariot in the Tapir and Nimrod, there was a more intense phase of nine holes between 1994 and 1998; before that, a few sparse holes and, of course, under an old technology.
With this, analysts point out that only after the nine holes that will be made between until 2014 it will be possible to have a more concrete view of what may represent the Walvis basin and Orange-in which the HRT has operating licence.
The first drilling in Namibia was held in the pit-1, located in Wingat PEL-Walvis basin 23 (Disclosure) First drilling in Namibia was held in the pit-1, located in Wingat PEL-Walvis basin 23 (Disclosure)
In addition, they indicate that political integration, both bowls in Namibia, in no way represents geological uniqueness between Walvis and Orange-note that, further South, the discovery in the Kudu field already is evidence of the presence of hydrocarbons in Orange (although still need more holes to know if you have gas or oil), unlike Walvis, who still needs a relevant discovery.
In this way, Empiricus analysts understand that HRT already includes a rather pessimistic scenario under strict vision of economic and financial fundamentals and the meeting of the dry pit does not exhaust the potential associated with the case, levendo them to reitarar purchase recommendation under medium-and long-term horizon.
However, they feel that in the short term a strongly negative reaction will be visible in the roles. Only in this trading session, shares of HRT price fell 18.60% to 12:25 (Eastern time), the $ 2.67.
The more pessimistic side
In turn, the more pessimistic side of the market views the situation with more caution. For the analyst, Telles Oswaldo Banco Espírito Santo, the HRT will not survive if they don't find oil in other areas, while also noting that the result of the first well does not influence the expectation for the rest.
Already the Planner Corretora brokerage house said in a report that the occurrence of dry wells and subcomerciais is normal in the oil, but, for a company that is starting his exploratory campaign, such as HRT, the news can be more dramatic. The company's box went from r $ 1.5 billion in 2011, to $ 1 billion in 2012, until you reach the $ 829 million on March 31.
According to the analysts Paula Kovarsky and Diego Mendes of Itaú BBA, the only solution to the HRT is success in Murombe, near the well to be drilled (the result of the announcement must be made between July and early August). This will be the second to be explored a total of three in the project for Namibia.