Petro Rio S.A. HRTPF

HRT - 4Q14 estimative

[Rzbern]

This cash they managed to sell the barrel with the dollar at $ 88.00 is now, but what will happen to the brent oil to $78.00? and the same or upper operating costs?

 

3Q14

R$ 127 million / 577 000 (boe) = R $ 220.10 / 2.50 = $ 88.04 / boe

577.000 boe x $88.04 = US $ 50,799,080

 

4Q14

577.000 boe x $78.00 = US $ 45,006,000

 

Thus, 50 million dollars would go to $ 45 million in 4Q14, a decrease again but probably will be in order to 10%.

[Rzbern]

In the 16:30 minutes of conference call, Mr Ricardo Bottas CFO said that 98% of HRT cash are in dollar. So my line of reasoning that possible the box is shrinking, is correct

[Rzbern]

Excluding the exchange rate of 2.22 to 2.60 and 98% as the HRT box are in US dollars and today our box is 155.4 million dollars (404 mi / 2.60), the box of HRT if the dollar were the same amount, US $ 2.22, would be 345 million dollars today.   So if the dollar remained stable at R $ 2.22 / $ 1U   2Q14 = R$ 365 million reais 3Q14 = R$ 345 million reais   we would have