RIO DE JANEIRO, Dec. 23, 2013 /CNW/ - HRT Participações em Petróleo S.A. (the "Company" or "HRT") (BM&FBOVESPA: HRTP3, TSX-V: HRP), together
with its wholly-owned subsidiary, HRT Oil & Gas Ltda ("HRTO&G"),
announce that, on this date, it acknowledged the approval, through the
Official Letter nº 1397/2013/SEP, given on December 18th, 2013, of the request for the Assignment of Interests regarding a 60%
participating interest in the Polvo Field from BP Energy do Brasil Ltda
("BP") to HRT O&G by the National Petroleum, Natural Gas and Biofuels
Agency (ANP).
The purchase and sale agreement (PSA) between HRT and BP for the
acquisition of a 60% interest in the Polvo Field, in the amount of US$
135 million, was signed on May 6th, 2013. Furthermore, the completion of the PSA, which also encompasses
the acquisition of 100% interest in the company that holds the Polvo A
fixed platform, and a 3,000 HP drilling rig, was subject to certain
preceding conditions, among them, the ANP`s final approval. Upon
completion, which is expected to occur in the first half of January,
2014, HRTO&G will become the operator of the Polvo Field.
Since the signature of the purchase agreement, both Companies commenced
the operation transition preparedness, so that the final transfer could
be made in a gradual, continuous and integrated manner, while keeping
the safety, performance and quality standards. HRT`s operational team
is in place and ready to commence operations from completion.
The Company`s strategies include the drilling of two new development
wells, which will enable to increase the production of undeveloped
proven and probable reserves. Therefore, the drilling of the first well
is expected to commence during the second half of 2014.
"The acquisition of part of the Polvo Field drives HRT to a new stage,
now operational, as an oil producing company, and such fact is a great
milestone in the history of HRT and in the implementation of the
strategy to diversify the Company`s portfolio", highlighted Milton Franke, CEO of HRT.
For additional information, please contact HRT`s Investor Relations
Department.
Sedar Profile # 00031536
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About HRT
HRT Participações holds one of the largest independent oil and gas
exploration and production companies in Brazil. The HRT Group comprises
six 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.
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.
SOURCE HRT Participações em Petróleo S.A.
