Good news from HRT which is full of CashAccording to the latest news, HRT has all the cash to pay TID $33 million. Here is why:
- HRT's cash exceeded $83 million (200 million Brazilian Real) as of late December 2013. On top of that, HRT's divestiture program has not been completed yet. So HRT will receive more cash from its subsidiaries once they are sold. I quote:
"Lastly, the Board of Officers emphasizes that these events do not interfere with the regular activities of HRT, especially with regard to their financial and asset management, as well as that it moves forward in its strategic and budget planning, mainly in respect of the imminent start-up of activities as the operator of the Polvo Field, in the Campos Basin, the negotiations regarding the transfer of operatorship in the Solimões Blocks and the sale of four rigs to Rosneft, in addition to the preservation of its cash position that is forecasted to exceed R$ 200 million at year end".
- Additionally, HRT's POLVO acquisition was approved yesterday and the cash starts coming in HRT because POLVO is a producing property.