RIO DE JANEIRO, Aug. 6, 2013 /CNW/ - HRT Participações em Petróleo S.A. (the "Company" or "HRT") (BM&FBOVESPA: HRTP3, TSX-V: HRP) announces the
spud of the Moosehead-1 well (2713/16-1) ("Moosehead-1"), the third
offshore well in its exploratory drilling campaign. This well is
targeting the Moosehead Prospect, located in Petroleum Exploration
License 24 ("PEL 24"), in the Orange Basin, offshore the Republic of
Namibia.
The Moosehead-1 well is located 197 km southwest of Lüderitz, Namibia,
and 100 km northwest of the Kudu gas accumulation. Moosehead-1 will
test a Cretaceous age, 546 km2 4-way dip closure, mapped on a 3D PSDM seismic data set. The main
objective of this well is to test the oil potential of Barremian-aged
carbonate reservoirs, expected to be equivalent to the Brazil and
Angola "pre-salt" reservoirs. Several source rocks are expected to be
penetrated, including the Aptian source rock, which is anticipated to
be oil generating according to HRT's geochemical modeling.
Moosehead-1 well is in 1,727 m water depth and will be drilled to a
projected total depth of 4,100 m by the Transocean Marianas (NYSE:RIG)
semi-submersible rig. The total time estimated to complete the
operations is approximately 53 days.
HRT is the operator of 10 blocks offshore Namibia, which are contained
in 4 Petroleum Licenses. GALP Energia (NYSE Euronext Lisbon: GALP),
with 14% participating interest, is HRT's partner to drill the first 3
wells of the current exploration campaign.
"After drilling our first two wells in the Walvis Basin, we are now
moving to the Orange Basin to drill our third well, and test a giant
structure where the target reservoirs are equivalent to the Santos
Basin sub-salt prospects, considered analogs. We start this well with
the same optimism that has guided us to design these three exploration
wells test," highlighted Milton Franke, the CEO of HRT.
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 19 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.
PDF available at: http://stream1.newswire.ca/media/2013/08/06/20130806_C4359_DOC_EN_29561.pdf
SOURCE: HRT Participações em Petróleo S.A.
