Petro Rio S.A. HRTPF

News on Upstream Online

[NeoM]

su*ks. They put a news out a couple of hours ago:
 

HRT Namibia wildcat disappoints

Brazil independent reports no discovery at Wingat-1 and expects to wrap up operations next week

They even twittered


The even twittered this "news" 4 hours ago:

https://twitter.com/upstreamkjs/status/334712742856491010


Surprisingly(?) this "news" got changed in the meantime to
 

HRT: Namibia wildcat yet to roar

Brazil independent expects to wrap up operations soon but has not reported pay so far


Maybe somebody wanted and needed a load of cheap shares before the announcement next week?

Or are they just too stupid to do a propper research and confirmation of results?

Cheers and have a good evening,
neo

[VanWilder1]

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

[TimeOnTarget]

VanWilder-- Tudor Pickering Holt's note is interesting:     "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."

[VanWilder1]

Totally agree !!  Eveyday HRT "Rents" transoacean I believe it costs roughly $500K daily.   If the hole was imply "Dry" they would not be sticking around, evaluating the Well for another 2 weeks, with a Huge burn rate.   They also have a schedule to keep regarding the other wells.  Along those lines, I wonder if the decision to "go Deeper" was

[Oiljars51]

What you guys are  forgetting or unaware of is they have a borehole in the target zone to use for calibration of the seismic for interpretation. That is has extreme value for future wells. They would also be getting sidewall cores and insitu reservoir fluid samples, etc. plus their logging suite. They are not wasting time or money with what they are doing.