Bullboard - Stock Discussion Forum Petro Rio S.A. HRTPF

Energy Oil & Gas E&P

"Petro Rio SA is engaged in exploration and production of oil and gas in Brazil and abroad. The Company is currently engaged in the hydrocarbon production in Polvo field."

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GREY:HRTPF - Post Discussion

Petro Rio S.A. > Price keeps dropping

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Post by rob926 on Jun 05, 2013 11:52am

Price keeps dropping

Here is a theroy about the continued price drop that if right is not good. A bunch of the investors bought into HRT because of the Solimoes Basin. This was there big pitch from the very start. Namibia was always a second and higher risk play. The continued share drop might be coming because of what the outcome was with their Rosneft meeting. Remember Rosneft bought out TNK/BP just this March. Rosneft has said publicly they are going to divest some of there assets. It would not surprise me if Namibia was one of them. If so I'm sure their meeting did not go well, and probably put drilling any new wells on hold at this point since no oil and waiting to see if the gas can be monetized. If there was good news from their meeting I think we would have heard by now. My guess they are waiting and praying for good news with Murombe before the drop the bomb about the Solimoes Basin.

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Comment by BroStart on Jun 05, 2013 12:27pm

Do not forget the fact that in the latest NR, they straight out said about 72 days till completion of most current drill, meaning 72 days of NOTHING and no reason for it to go up in the mean time. With that said, I am confident it will get back up over the .70 in the next week or so, if not buy more.

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Comment by robnhood on Jun 05, 2013 1:05pm

TNK-BP had no part of Namibia. There investment was 45% of Solimoes only, but it would not surprise me if Rosneft wanted out of the Solimoes.

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Comment by landmann on Jun 05, 2013 1:12pm

The Baobab reservoir should be penetrated in less than 3 weeks. Theoretically they would have LWD data and oil shows to make an announcement at that point if they wanted. Not saying they will, but they could even halt drilling and make more definitive logging/flow testing if things really looked good.

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