HRT announces its 3Q12 Results
Tuesday, Nov 13, 2012
RIO DE JANEIRO, Nov. 12, 2012 /CNW/ - HRT Participações em Petróleo S.A. - "HRT", "HRTP" or "Company" (BM&FBovespa: HRTP3 and TSX-V: HRP.V) announces its results for the 3rd quarter of 2012 ("3Q12"). The financial and operational data described below, except where otherwise stated, are presented on a consolidated basis including our direct subsidiaries: HRT O&G Exploração e Produção de Petróleo Ltda. ("HRT O&G"), Integrated Petroleum Expertise Company - Serviços em Petróleo Ltda. ("IPEX"), HRT Africa Petróleo S.A. ("HRT Africa"), HRT Netherlands B.V. ("Netherlands"), Air Amazonia Serviços Aéreos Ltda. ("Air Amazonia"), HRT America Inc. ("HRT America"), its respective subsidiaries and branches.
-- New Composition of the Board of Directors approved at the
-- Strengthening of the structure of the Board of Directors`
-- Consolidation of the CFO position within the HRT Group
-- Set Operational Efficiency and Cost Rationalization Programs;
-- Signing of a Term Sheet with Erickson Air-Crane for the sale of
the air logistics business.
-- Gas discoveries in wells HRT-8 and HRT-9;
-- Significant reduction of the drilling time of wells in the
Solimões Basin; spud-in of 1-HRT-10 in a record time with cost
-- Increase in the planned 2D seismic campaign with the
acquisition of 500 km in blocks 194 and 195 and request for bid
proposals for an additional 4,000 km;
-- Signing of a Letter of Intent (LOI) with Petrobras and
TNK-Brasil to study the alternatives for gas monetization.
-- Completion of the 3D seismic processing and final
-- Drilling campaign set to commence in 1Q13;
-- Appraisal of firm Farm-Down proposals;
-- New D&M update report of prospective resources based on 3D data
to be issued in 4Q12;
This third quarter of 2012 was remarkable for HRT. It reinforced lessons
learnt, consolidating and advancing with important transformations for the HRT
This past October 1(st), a new composition for the HRT`s Board of Directors
was approved, which is now composed of 11 members, of which 8 are independent,
all of them with extensive background in company management, especially in the
oil and gas industry. Additionally, the Financial Officers of all companies of
the Group were consolidated into a single CFO position that also assumed the
activities of the Investor Relations Officer.
With a view to increasing the Corporate Governance, a new Technical
Exploration Committee was created by the Board of Directors. The Audit,
Investment, Compliance & Risk and Compensation Committees have been
consolidated and strengthened with three (3) members each, with the presence
of at least two (2)members from the Board of Directors.
Since the beginning of 2012, important changes have been introduced for the
Company`s future, especially with the streamlining of the organizational and
corporate structure, adjustments in the Companies` headcount and a severe
control of costs. Additionally, a divestment program was approved by the
HRTP`s Board of Officers, in which Air Amazonia, aircraft, drilling rigs and
other non-core assets are being offered for sale.
With respect to the exploratory campaign, HRT has drilled and tested the well
1-HRT-9, the one considered the most significant discovery so far. Through a
production of over 700 thousand m(3) of gas per day, this well has shown
through a cased hole drillstem test that the Solimões blocks can hold
exploration prospects with wells having very high capacity flow rates. The
wells HRT-8 and HRT-5 have already presented excellent results, and in
connection with the results obtained in this last discovery enabled the
signing of a LOI with Petrobras and TNK-Brasil, with a view to jointly
studying the technical, economic and environmental feasibilities for the gas
monetization of the Juruá gas province, where the referred companies have an
important group of discoveries.
The Company`s management is confident about new drillings in the Solimões
Basin. The well 1-HRT-10 has already been spudded, the one with great
potential to open a new exploratory frontier towards the south of the natural
gas proven basin. The Company is also confident about our next prospects which
can be outlined with new 2D seismic surveys, based on new acquisition
parameters. At present, 500 km of 2D seismic have been acquired in blocks 194
and 195, and a 2D seismic RFP (Request for Proposals) is being concluded, so
that 4,000 km may be shot in the south and east portions of the Basin.
With respect to Namibia, the Company is making progress on four main fronts:
(1) Completion of the 3D seismic processing and its final interpretation with
the definition of prospects to be drilled in the first quarter of 2013; (2)
Re-opening of the data room to new companies interested in the farm-down of
the African coast blocks, receiving of proposals, and negotiations of the
farm-down terms; (3) hiring of all services and ordering of long-lead items,
delivery of major equipment to drill the wells and hiring of general
insurances for the start-up of the drilling campaign; and (4) revision of
prospective resources performed by D&M, based on 3D seismic data.
The Company`s management remains of the conviction of the oil potential over
the prospects to be drilled both in the Solimões and Namibia basins, as well
as it reiterates the confidence in its executive, technical and administrative
body to maximize investment return.
COMPANIES OF THE GROUP
HRT PARTICIPAÇÕES EM PETRÓLEO S.A.
HRT Participações, a publicly-traded company, headquartered in Rio de
Janeiro - Brazil, acts as the holding of the HRT Group. It manages and
conducts the activities carried out by its subsidiaries. Its Board of Officers
is responsible for implementing the strategic guidelines appointed by the
Board of Directors, in turn, the latter counts on a solid support structure
which comprises five (5) Committees, each of them composed of three (3)
members, constantly with at least two (2) members from the Board of Directors.
The Committees of the Board of Directors are: Audit Committee, Compensation
Committee, Investment Committee, Compliance and Risk Committee and the newly
created Technical Committee, which has its focus on the technical support
regarding the exploration activity matters. These committees had its
compositions updated at the first Shareholders` Meeting of the current Board
of Directors, held on October 17, 2012.
According to the Company`s governance rules, the matters submitted to the
Board of Directors for resolution and that are applicable to a respective
committee, should be previously analyzed by it, and this committee will be
responsible for making the recommendations on such matter to the Board of
The presence of three executives of the Company within the Board of Directors,
in the Committees of the Board of Directors (maximum 1 member per Committee)
strengthens the connection among the strategic guidelines provided by the
Board of Directors and its implementation by the Company`s Board of Officers.
The Company`s Board of Officers gets together at least on a weekly basis and
conducts the business management in a direct manner and with a timely
monitoring, implementing and emphasizing one of the main characteristics of
HRT, agility in the decision-making processes.
HRT OIL & GAS
HRT O&G was created to capitalize on the expertise developed in geology,
geochemistry and geophysics services for the oil and natural gas exploration
and production activities. Today, HRT O&G holds 55% stake over 21 exploration
blocks in the Solimões Basin.
The Solimões Basin is located in Brazil`s Amazon region and the blocks under
concession for the HRT O&G (55%) / TNK-Brasil (45%) consortium occupy an area
of 48,507 km². According to official data disclosed by Agência Nacional do
Petróleo, Gás Natural e Biocombustíveis (ANP) in August, 2012, the Basin is
ranked the second largest gas reserve and the third largest oil and gas
production, both in Brazil, with around 106 thousand BOE per day. The oil
produced in the Solimões Basin is of excellent quality, with a specific
density between 41(o) and 47(o) API, and has a strategic importance for the
On August 15, 2012, HRT O&G concluded the drillstem test in well 1-HRT-8-AM in
the Juruá Formation reservoirs from 3,122 to 3,128 meters depth, reaching a
production of 9,25 million cubic feet (262 thousand cubic meters) of natural
gas per day with a choke of 40/64". The tested prospect is part of a
northeast-southwest structure with around 40 km(2) in area that can hold from
170 to 290 Bcf (4,9 to 8,2 billion cubic meters) of recoverable natural gas
The spud-in of well 1-HRT-9-AM took place on June 16, 2012 and reached a total
depth of 2,960 meters, inside Devonian sedimentary rocks. Drilling operations
were carried out in a record 60-day time, thus representing a milestone in HRT
O&G drilling operations. This fact is a direct result of a learning curve
where new technologies were applied and will enable HRT O&G to achieve
substantial improvements, both in costs and quantity of wells to be drilled in
The drillstem test of well 1-HRT-9-AM was successfully concluded on September
7, 2012 in the Juruá Formation reservoir, with a net-pay of 36.4 meters,
showing excellent flow characteristics through a vertical well, and reached a
stable production rate of 18.01 million cubic feet (510 thousand cubic meters)
of natural gas per day, with a choke of 32/64" and a wellhead upstream
pressure of 3,050 PSI. A choke of 40/64" was attempted and resulted in a
production rate of over 24.72 million cubic feet (700 thousand cubic meters)
of natural gas per day; however, this level exceeded the operating well tester
capacity and after 10 minutes the choke was changed out for 32/64" for the
duration of the test. The Absolute Open Flow (AOF) of this well was estimated
at around 7 million cubic meters per day.
HRT believes that this is one of the best gas wells ever drilled and tested in
onshore Brazil, considering the thickness and quality of the reservoir, as
well as the DST flow results. HRT estimates that this structure tested by the
well HRT-9 has a potential flow rate of up to 105 million cubic feet (3.0
million cubic meters) of natural gas per day, when it reaches its development
Progressing with the exploratory campaign in the Solimões Basin, on October
22, 2012, the Company spudded the well 1-HRT-10-AM, in the Tucumã prospect,
located in Block SOL-T-192, Municipal District of Tefé, State of Amazonas.
Main targets are the Juruá Fm. Carboniferous reservoirs, expected at 2,090
meters depth, and as secondary targets the Uerê Fm. Devonian reservoirs,
expected at 2,290 meters depth. This well has been drilled by the QG-VIII rig
and has its proposed total depth (TD) at 2,680 meters, from which 20 meters
are inside basement rocks.
The well 1-HRT-10-AM is located at about 30 km south of the Juruá Field and
will test a 4-way closed anticlinal structure, with 57 km(2) of area, which is
part of a well-defined SW-NE regional structural trend, similar to the
Juruá/Tefé and Urucu trends, already defined by previous wells in the
Solimões Basin. This well, if successful, will prove the existence of a new
hydrocarbon trend in the basin and will indicate the extension of a proven
basin towards the south, reducing geological risks within frontier acreage
held by HRT O&G.
Figure 1 - Geographic location of wells 1-HRT-5, 1-HRT-8, 1-HRT-9 and
1-HRT-10, mentioned in the quarterly results, as well as wells concluded by
HRT (Click Here)
Four additional initiatives of HRT O&G in the Solimões Basin in the period
that must be mentioned:
1. Submission to ANP of Work Plans and Annual Budgets corresponding to 21 (twenty-one) blocks in the Solimões Basin for the fiscal year of 2013;
2. 2D seismic Request for Proposal (RFP) for additional 4,000 km for the identification and mapping of prospects with potential to be charged with hydrocarbons in the south and east acreage of HRT`s concessions;
3. Mobilization of the seismic crew to Blocks 194 and 195, where around 500 km of 2D seismic are being shot, with a view to detailing geological structures already identified;
4. Submission to ANP of an Exploration Phase extension request for 10 blocks, located in the south and east areas of HRT´s concessions, where the existing data enabled to identify the hydrocarbon potential;
HRT operates ten exploration blocks on the Namibian coast, being eight blocks
in the Orange Basin and two others in the Walvis Basin. Additionally, HRT
holds stake, as non-operator, in two exploration blocks in the Namibe Basin.
Namibia is located in the southwest of Africa, where there are four offshore
sedimentary basins: the Namibe Basin, Walvis Basin, Lüderitz Basin and Orange
Basin, covering an area of 350 thousand km². HRT, in its twelve exploration
blocks on the Namibian coast, has a gross area for exploration of 62,892 km²
and a net area of 51,513 km².
Figure below shows the blocks where HRT holds interest.
Figure 2 - Geographic location of the blocks HRT holds stake in offshore
Namibia, in the African continental margin (Click Here)
The third quarter of 2012 brought significant advances in the HRT`s activities
in the Namibian Project, in the African offshore, with highlights for:
1. Completion of the 3D-seismic processing and its final interpretation, as well as negotiations with new companies, as part of the farm-down process;
2. Review of deadlines to start the drilling activities - due to the oil discovery, the company Eni S.p.A decided to drill one more well before releasing the rig to HRT, as provided in the contract and as a result of such decision the first HRT well will be spudded in 1Q13;
3. Delivery of farm-in proposals and commencement of negotiations: the terms of the farm-down agreement are being negotiated;
4. Hiring of all major services and equipment, inspection of support bases and local facilities, hiring of insurances and other preliminary activities for the start-up of the drilling campaign in 2013.
5. New report of prospective resources performed by D&M, based on 3D seismic data. Such report will be concluded in the 4Q12.
Air Amazonia is a wholly-owned subsidiary of HRT, in charge of air logistics
support for the execution of the Solimões Basin exploratory campaign. Through
the use of its fleet, which comprises 18 aircraft (14 helicopters and 4
planes), the Company, in the 3Q12, totalled up 2,700 flight hours in
helicopters and 450 flight hours in planes, divided among logistical support
to the support bases and drilling sites, mobilization and demobilization of
rigs, transport of employees and third parties. The Company transported a
cargo volume exceeding 5,500 tons (especially external cargo -"lift") and over
During the 3Q12, Air Amazonia continued making significant advances in the
increase of productivity and reduction of costs of its operations. A numerous
of measures were implemented in the 2(nd) quarter, which continued in the
3(rd) quarter, having as key elements adjustments in its headcounts and the
restructuring of its maintenance area. Such measures brought efficiency gains
into its operations with a substantial reduction of costs for HRT. The average
availability of the fleet in flight hours was increased by 10% compared with
the previous quarter. The expectation is that these indicators can be even
better in the upcoming months, due to completion of works of a new hangar at
the Carauari airport, and commencement of a new maintenance facility in the
support base of Tefé (BATE1), scheduled for the last quarter of 2012.
Air Amazonia, since the beginning of its activities, has been working with
permanent focus on operating safely. In the 3Q12, an important investment in
safety management was made, through the appointment of a new manager for this
area, bringing a higher standardization of fixed-wing operations (helicopters)
in remote areas, and an improvement in General Operations Manual (G.O.M.),
Safety Management System (S.M.S) and Standard Operations Procedures (S.O.P.).
Works to repair and improve the Carauari airport - a project between Air
Amazonia and the local Government - were concluded in August, representing an
important milestone for the development of that region.
HRT America is headquartered in Houston, TX and is made up of highly
specialized and renowned professionals in the oil and gas industry, with more
than 20-year experience in sedimentary basins, both in Brazil and Africa. Its
main activity is the provision of geophysical and geological research
services, as well as drilling and natural gas and oil production towards
exclusively the HRT Group`s companies, especially the concessions in Namibia.
INTEGRATED PETROLEUM EXPERTISE CO. - IPEX
IPEX is a service company that provides studies and analyses in fields of
Geochemistry, Geology, Geophysics and the environment for either HRT or other
oil companies in Brazil and South America. Support received from the IPEX`s
teams and laboratories is a key element in the exploration task force of HRT
in the Solimões and Namibia basins, either in the analyses of well data,
including sediment, oil, natural gas and formation water samples, or soil
samples as part of a surface geochemistry study.
HEALTH, SAFETY, ENVIRONMENTAND SOCIAL RESPONSIBILITY
In the third quarter of 2012, the Company was granted a Preliminary License
for Seismic Surveys in Block SOL-T-219, environmental licenses for installing
the Floating Port and the Support Base named Tumian, as well as the Vegetal
Suppression Authorization for the acquisition of seismic data for the above
mentioned support base. In addition to the referred licenses, HRT was also
granted a Vegetal Suppression Authorization, a Forest-Based Raw Material Use
Authorization and Concession of Right in Rem of Use for location 1 - SOL - T -
192 - 2 (Tucumã).
Continuing with the Program for the Recovery of Degraded Area (PRAD - acronym
in Portuguese), the Company started the cultivation of 600 seedlings from
different species in areas that undergone clearing. Additionally, 2,371 units
of seeds of native species were collected and will be planted in the upcoming
months. At the end of the quarter, the seedling nursery located at the Support
Base of Tefé - BATE 1 totalled around 3,300 seedlings.
In the Safety sphere, the Safety Orientation Program (PROSA), the Observe,
Stop ad Act (OPA) - an observation and safety behavior program - as well as
Safety Management have had as a result ZERO work-related accident leave
recorded in the Company`s activities.
Medical and nursing cares, as well as urgent and emergency assistance continue
to be carried out in the drilling sites and support bases, also bringing
benefits to the riverside communities, which are neighbors of our facilities
in the Tefé River and in the City of Carauari.
The Vector Borne Disease Control and Monitoring Program (malaria,
leishmaniasis, Chagas disease and filariasis) has been carried out with focus
on preventive actions, as expected.
HRT continues committed to participating in social projects such as the
Women`s Sewing Cooperative in Carauari, which name is Mulheres Unidas a Vencer
(Women united to Win).
HRT O&G keeps its partnership with educational institutions to carry out
training courses with the objective to take knowledge and development to the
communities within its sphere of operations, and it has as partners SEBRAE,
SENAI, IDAM and SESI.
Workshops / Public Hearing took place in Lüderitz, Windhoek and Walvis Bay.
These events are part of the environmental licensing process and were attended
by local government representatives, fishing industry and the Ministry of
Fisheries and Marine Resources, Nampol, Namport and Regional Councils of
The evaluation of the definitive environmental impact and the environmental
management plan for each of the blocks were submitted to the Government of
Namibia in September, 2012 and the completion of the process will occur in the
4Q12, making feasible all the required licenses for the start-up of the
drilling campaign in Namibia.
In the third quarter of 2012, HRT concluded the restructuring of its
operations in the Solimões Basin, including the demobilization of two rigs,
thus reducing the number of rigs in operation from four to two. Additionally,
it reduced by 33% its own headcount and by 40% the outsourced workforce, when
compared with the same position as of December 2011.
In respect of Namibia, HRT made progress in the negotiations in order to
conclude a Farm-Down of part of its assets. The beginning of the drilling
campaign is forecast for 1Q13 and all measures to achieve this goal are
In the Solimões Project, a numerous of measures have been taken in order to
reduce expenses, bringing the drilling operations, as well as logistics costs
to lower levels, as HRT is operating with 2 rigs instead of 4 and being able
to decrease considerably the time of drilling per well. Moreover, the
renegotiation with major suppliers with whom the Company has contracts with
(mainly drilling and logistics), the headcount reduction and, finally, a
strong adjustment of general and administrative expenses led the Company to a
more efficient level.
As a result of all these adjustments, the daily Cash Burn Rate (CBR) in 3Q12
fell to R$ 2 million/day, a reduction of 34% if compared with 1Q12. It is
worth mentioning that the values refers to 100% of all expenses regarding the
Solimões and Namibia Basins. The Company is not comparing its CBR with that
of 2Q12, because the CBR in that quarter presented a positive value in
consequence of the Petra/TNK-Brasil deal. It is important to mention that in
2013 our partner in Solimões, TNK-Brasil, will start to be cash called in the
1Q13 (cash calls related to a 45% stake held by TNK-Brasil in the Solimões
The above-mentioned figures do not consider, however, any additional
receivables of funds from TNK-Brasil related to the sale of 45% stake over the
Solimões blocks; Farm-Downs in Namibia; subscription of warrants, as well as
revenues from the sale of the Chinese rigs and the air logistics business.
The results of the consolidated 9M12 present a net loss of R$ 138 million.
Compared with the same period of 9M11, that represents a reduction of 18% (R$
168 million). The main reasons for that was a decrease in G&G and G&A, as well
as the positive impact of the TNK-Brasil/Petra deal in the 1Q12. On the other
hand, expenses with personnel were higher than the previous period due to the
implementation of a Retention Plan (cash and stock options), redundancies and
outsourced services provided by legal consultants and financial advisors
Financial revenues in the period showed a decrease of 35% compared with 9M11,
basically due to a lower cash balance of 39% and a decrease of the basic
interest tax rate (SELIC) which is used as basis for the income of the
Company`s financial investments (average of 8.86% per year compared with
11.89% per year in the same 9M11).
The Table below shows the variation of balances of the main accounts in the
3Q12 compared with balances as of previous quarters and December 31, 2011.
BALANCE SHEET - MAIN
ACCOUNTS 2011 3Q12 Var. 3Q12/2011
Cash and Marketable 1.491.621 1.237.094 -254.527 -17%
Accounts Receivable 1.382 1.130 -252 -18%
Asset held for sale (45% 1.296.128 - -1.296.128 -100%
Property, Plants and 323.268 386.158 62.890 19%
Intangible assets 2.190.842 2.534.559 343.717 16%
Account payable to Petra 1.030.940 - -1.030.940 -100%
Capital 3.809.535 3.816.006 6.471 0%
Shareholder´s equity 3.871.719 3.722.348 -149.371 -4%
* It includes pledge deposits to guarantee contracts of offshore rig.
CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES
The Company ended 3Q12 with a consolidated cash of R$ 1,2 billion, presenting
a decrease of 17% over the balance of December 31, 2012 and 13% when compared
with the previous quarter, due to disbursements for the exploratory campaign
in the Solimões Basin and the progress of the seismic campaign on the
Namibian coast, as well as preparations to start the drilling campaign.
The chart below presents the changes in the balance of cash, with statement of
cash inflows and outflows, with emphasis on disbursements, inflow from
revenues and from capital by the exercise of warrants and loans. The company
started the period with a cash balance of R$ 1,491 million and ended with R$
The following charts show the liquidity of the Company`s consolidated cash, as
well as the breakdown by banks, with emphasis on the diversification among
them, all renowned institutions. The amount unavailable represents the pledge
deposit given as guarantee of USD 30 million (around R$ 61 million) to charter
the drilling rig to be used in the exploratory campaign in Namibia.
The Table below shows the breakdown of disbursements recorded in a 9-month
period of 2012 (9M12), grouped by recurring and non-recurring disbursements:
Breakdown Solimões Namibia Corporate Total 9M12
Recurring 583 93 97 773
Exploratory Campaign 515 31 - 546
Seismic 68 63 - 131
G&A - - 50 50
Taxes and Financial
Expenses - - 47 47
Non-Recurring 65 - - 65
Fixed Assets 65 - - 65
Total 648 93 97 838
The expenses with the exploratory campaign in the amount of R$ 546 million
refer to disbursements for the exploration, drilling, air, fluvial and ground
logistics activities allocated under intangible assets, as well as the
expenses with its own personnel, third-parties services and other expenses
allocated under the result.
Disbursements for seismic surveys in the amount of R$ 131 million are related
to the exploratory activities in the Solimões and Namibia basins and
encompass the hiring of 2D and 3D seismic surveys and processing services,
resulting from expenses allocated under the results of the year.
Expenses allocated under General and Administrative (G&A) in the amount of R$
50 million refer to corporate expenses with personnel, third-parties services,
general and administrative expenses. The expenses in the amount of R$ 47
million refer to taxes and financial expenses, both not directly allocated to
the exploratory campaign, though incurred to serve in the development of HRT
Group exploration activities.
Non-recurring disbursements for fixed assets in the amount of R$ 65 million
mostly refer to final payments to the purchase of two helicopters in the first
quarter, and advances for the acquisition of four onshore helitransportable
rigs, which are in a final delivery phase, in agreements entered into in 2011,
all intended to the exploratory campaign in the Solimões Basin.
The following Tables present the breakdown of fixed assets and intangible
assets. In both account groups, the changes are associated with the
exploratory campaign in the Solimões Basin.
FIXED ASSETS 2011 3Q12 Var. 3Q12/2011
Helicopters and airplanes 131,460 135,140 3,680 3%
Leasehold improvements &
furniture 76,078 73,215 -2,863 -4%
Advance for rigs and cranes 55,122 109,351 54,229 98%
Material for use and
consumption (wells) 36,534 43,109 6,575 18%
Vehicles and Boats 9,919 7,908 -2,011 -20%
Machinery and equipment 7,631 9,968 2,337 31%
Computer equipment 6,461 6,311 -150 -2%
Others 63 1,156 1,093 1,735%
323,268 386,158 62.890 19%
INTANGIBLE ASSETS 2011 3Q12 Var. 3Q12/2011
Subscription Bonus -
Solimões 167,095 167,095 - 0%
Subscription Bonus - Namibia 1,739,087 1,739,087 - 0%
Exploration expenses 279,428 623,912 344,484 123%
Software and others 5,232 4,465 -767 -15%
2,190,842 2,534,559 343,717 16%
The Operating Efficiency and the Cost Rationalization Programs, implemented
this year, introduced important changes for the future of the Company,
especially with the streamlining of the organizational and corporate
structure, reduction of the companies` headcount and a severe cost control
Additionally, the divestment program approved by the HRTP`s Board of Officers,
from which Air Amazônia, aircraft, drilling rigs and other non-core assets
are been negotiated, will enable the strengthening of the Company`s cash
position and will allow that the major focus concentrates on core business.
Regarding the exploration performance, the discovery of HRT-9 was of a
paramount importance for HRT's gas monetization strategy in the Solimões
And lastly, the partnership with Petrobras and TNK-Brasil in the gas
monetization study in the Solimões Basin and the near-outcome of the
Farm-Down in Namibia consolidate HRT as a relevant Brazilian and Namibian
player in the oil and gas industry.
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
Certain information contained in this document, including any information as
to our strategy, projects, plans or future financial or operating performance
and other statements that express management's expectations or estimates of
future performance constitute "forward-looking statements". All statements,
other than statements of historical fact, are forward-looking statements. The
words "believe", "expect", "will", "anticipate", "contemplate", "target",
"plan", "continue", "budget", "may", "intend", "estimate" and similar
expressions identify forward-looking statements. Forward-looking statements
are necessarily based upon a number of estimates and assumptions that, while
considered reasonable by management, are inherently subject to significant
business, economic and competitive uncertainties and contingencies. HRT
cautions the reader that such forward-looking statements involve known and
unknown risks, uncertainties and other factors that may cause the actual
financial results, performance or achievements of HRT to be materially
different from HRT's estimated future results, performance or achievements
expressed or implied by those forward-looking statements and the
forward-looking statements are not guarantees of future performance.
HRT disclaims any intention or obligation to update or revise any
forward-looking statements whether as a result of new information, future
events or otherwise, except as required by applicable law.
Fábio Bueno - IR Manager +55 21 2105-9745 email@example.com