RIO DE JANEIRO, May 20, 2013 /CNW/ - HRT Participações em Petróleo S.A. (the "Company" or "HRT") (BM&FBOVESPA: HRTP3, TSX-V: HRP) through its
wholly-owned subsidiary HRT Walvis Petroleum (Proprietary) Ltd. ("HRT
Walvis"), announces that its first exploration well (Wingat-1
2212/07/1) in a multi well offshore program in Namibia has found oil
although not in commercial volumes. This well is located in Petroleum
Exploration License 23 ("PEL-23"), in the Walvis Basin, offshore
Republic of Namibia. The well, spudded on March 25, was drilled in
water depths of circa 1,005 meters and has reached a final depth of
5,000 meters.
The main objective of the well was to test the resource potential of the
Albian age carbonate platform, which was penetrated on targeted depth,
but its reservoir quality is much less developed than originally
expected.
The Wingat well was initially planned to be drilled to a total depth
(TD) of 4,127 meters, but because of the potential to drill deeper to
test the presence of turbidite reservoirs and the opportunity to
penetrate and to sample the main source rock, the consortium decided to
go deeper, to a final TD of 5,000 meters. This decision was also
supported by the increasing concentrations of hydrocarbon shows present
in the well below of the depth of 1,500 meters. The Wingat-1 was
drilled in 68 days by the semi-submersible Transocean Marianas
(NYSE:RIG) and within the budget.
The information obtained, coupled with the results of preliminary
studies of all data collected from the well, allowed HRT to identify
two well-developed source rocks, which are rich in organic carbon and
both are within the oil-generating window. Also, the well encountered
several thin-bedded-sandy reservoirs that are saturated by oil. HRT
collected four samples of this oil, each of 450cc, and the analysis of
these samples indicated the presence of light oil, 38o to 42o API, with minimal contamination. No water-bearing zones were identified
in the drilled section. The well is currently in the process of being
plugged and abandoned.
The fact that the source rock is in the oil window and generating liquid
hydrocarbons of excellent quality confirms the source potential of the
basin. As such, the results of Wingat-1 Well provide important
information that will help calibrating and guiding HRT's next
exploration steps in the Walvis Basin. These source rocks present in
the well can charge reservoir intervals of other prospects identified
in the license, including Murombe Prospect, which will be drilled next.
Murombe Well will be drilled about 15 kilometers westward of Wingat-1,
it will test a Cretaceous basin-floor fan and its spud-in is expected
to happen latter in May. This well will be the second of a
three-firm-well drilling campaign that HRT is currently running in
Namibia.
"We are pleased with Wingat-1 overall results. The confirmation of the
presence of high quality source rocks that are clearly in the
oil-generation window, coupled with the IFA formation testing, which
recovered light-oil from the reservoirs we penetrated, were major
achievements obtained by this well. The find and recovery of the first
oil offshore Namibia make us feel confident that we will achieve our
goals that were set for our drilling plans in the Country. Our efforts
will now be to proceed to our second exploration location in this basin
- the Murombe-1 well, which will target turbidite reservoirs located
above and beneath these source rocks within the same PEL," highlighted Milton Romeu Franke, the CEO of HRT.
HRT is the operator of 10 blocks offshore Namibia, which are contained
in 4 Petroleum Licenses. GALP Energia (NYSE Euronext Lisbon: GALP),
with a 14% participating interest, is HRT's partner in the drilling of
the first 3 wells of the current exploration campaign.
For further information, please contact HRT`s Investor Relations
Department.
Sedar Profile # 00031536
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
About HRT
HRT Participações holds one of the largest independent oil and gas
exploration and production companies in Brazil. The HRT Group comprises
eight main subsidiaries: IPEX (Integrated Petroleum Expertise Company
Serviços em Petróleo Ltda.), HRT O&G Exploração e Produção de Petróleo
Ltda., HRT Netherlands B.V., HRT África Petróleo S.A., HRT América
Inc., Air Amazonia Serviços Aéreos Ltda. and HRT Canada Inc.. The
Company retains a 55% interest in 21 exploratory blocks in the Solimões
Basin. HRT also operates ten exploratory blocks off the Namibian coast:
eight blocks in the Orange Sub-basin and two blocks in the Walvis
Sub-basin. HRT's team includes PHDs and masters in geochemistry,
geophysics, biology and engineering, most of them former employees of
Petrobras and ANP (Brazil petroleum agency). HRT is committed to
minimizing any possible environmental impacts in the sites where it
acts. Our commitment to the local communities is towards health
conditions, safety and quality of life. For more information, please
visit the Company's website: www.hrt.com.br/ir
Disclaimer
This news release contains forward-looking statements. All statements
other than statements of historical fact contained in this news release
are forward-looking statements, including, without limitation,
statements regarding our drilling and seismic plans, operating costs,
acquisitions of equipment, expectations of finding oil, the quality of
oil we expect to produce and our other plans and objectives. Readers
can identify many of these statements by looking for words such as
"expects", "believe", "hope" and "will" and similar words or the
negative thereof. Although management believes that the expectations
represented in such forward-looking statements are reasonable, there
can be no assurance that such expectations will prove to be correct. By
their nature, forward-looking statements require us to make assumptions
and, accordingly, forward-looking statements are subject to inherent
risks and uncertainties. We caution readers of this news release not to
place undue reliance on our forward-looking statements because a number
of factors may cause actual future circumstances, results, conditions,
actions or events to differ materially from the plans, expectations,
estimates or intentions expressed in the forward-looking statements and
the assumptions underlying the forward-looking statements.
The following risk factors could affect our operations: the contingent
resource and prospective resource evaluation reports involving a
significant degree of uncertainty and being based on projections that
may not prove to be accurate; inherent risks to the exploration and
production of oil and natural gas; limited operating history as an oil
and natural gas exploration and production company; drilling and other
operational hazards; breakdown or failure of equipment or processes;
contractor or operator errors; non-performance by third party
contractors; labour disputes, disruptions or declines in productivity;
increases in materials or labour costs; inability to attract sufficient
labour; requirements for significant capital investment and maintenance
expenses which HRT may not be able to finance; cost overruns and
delays; exposure to fluctuations in currency and commodity prices;
political and economic conditions in Namibia and Brazil; complex laws
that can affect the cost, manner or feasibility of doing business;
environmental, safety and health regulation which may become stricter
in the future and lead to an increase in liabilities and capital
expenditures, including indemnity and penalties for environmental
damage; early termination, non-renewal and other similar provisions in
concession contracts; and competition. We caution that this list of
factors is not exhaustive and that, when relying on forward-looking
statements to make decisions, investors and others should also
carefully consider other uncertainties and potential events. The
forward-looking statements herein are made based on the assumption that
our plans and operations will not be affected by such risks, but that,
if our plans and operations are affected by such risks, the
forward-looking statements may become inaccurate.
The forward-looking statements contained herein are expressly qualified
in their entirety by this cautionary statement. The forward-looking
statements included in this news release are made as of the date of
this news release. Except as required by applicable securities laws, we
do not undertake to update such forward-looking statements.
Image with caption: "Petroleum Exploration License 23 ("PEL-23"), in the Walvis Basin, offshore Republic of Namibia (CNW Group/HRT Participações em Petróleo S.A.)". Image available at: http://photos.newswire.ca/images/download/20130520_C8479_PHOTO_EN_26916.jpg
SOURCE: HRT Participações em Petróleo S.A.
