RIO DE JANEIRO, July 8, 2014 /CNW/ - HRT Participações em
Petróleo S.A. (the "Company" or "HRT") (BM&FBOVESPA: HRTP3,
TSX-V: HRP), jointly with its wholly-owned subsidiary, HRT Oil
& Gas Ltda ("HRTO&G"), announces that it has entered into a
purchase and sale agreement with Maersk Energia Ltda ("Maersk") to
acquire a 40% participating interest in the Polvo Field, in the
Campos Basin.
The completion of the purchase and sale
transaction between HRTO&G and Maersk is subject to certain
conditions, including the final approval by the National Petroleum,
Natural Gas and Biofuels Agency (ANP).
HRT's plan is to extend the lifespan of this
Field through the increase in production from proved undeveloped
reserves.
"The acquisition of a 40% stake in the Polvo
Field ratifies our confidence in the potential for production of
this field. After six months operating the field, we confirm what
we already knew about it in the past, and we place new perspectives
in it for the development of the production. This is one more
milestone in HRT's strategy of growth and sustainability",
highlighted Milton Romeu Franke,
Chief Executive Officer of HRT.
For additional information, please contact HRT's
Investor Relations Department.
Due to a confidentiality agreement with
Maersk, details of the purchase and sale agreement cannot be
disclosed until the final approval by ANP. Once approval is
granted, salient terms of the agreement and purchase price will be
disclosed.
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About HRT
HRT is one of the largest independent oil and gas Exploration &
Production companies in Brazil.
Through its subsidiaries, HRT holds a 60% participating interest
and it is also the operator of the Polvo Field, which is located in
the southern portion of the Campos Basin, 100 km east of the city
of Cabo Frio, Rio de Janeiro.
Polvo Field has the seventh largest daily production of barrels of
oil equivalent (boe), with 20.3º API, deriving from three producing
reservoirs. HRT is the owner, through its subsidiaries, of "Polvo
A" fixed platform and a 3.000HP drilling rig, currently in
operation in the field, being the platform connected to the "Polvo
FPSO" vessel, with capacity to segregate hydrocarbons and water
treatment, oil storage and offloading. Polvo Field license covers
an area of approximately 134 km2, with several prospects with
potential for further explorations. Additionally, HRT holds a 55%
interest and it is the operator in 19 exploratory blocks in the
Solimões Basin, and also operates ten exploratory blocks off the
Namibian coast in the Orange and Walvis sub-basins. HRT is
committed to minimizing any possible environmental impacts on 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.