Namibian MME approves the transfer of rights and obligations
Friday, Jan 25, 2013
RIO DE JANEIRO, Jan. 24, 2013 /CNW/ - HRT Participações em Petróleo S.A. (the "Company" or "HRT") (BM&FBOVESPA: HRTP3, TSX-V: HRP) announces that, the assignment of a 14% participating interest in the exploratory rights over three (3) offshore Petroleum Exploration Licences (PEL) in Namibia to Galp Energia, was approved by the Minister of Mines and Energy ("MME") of the Government of Namibia.
As informed by the Company on November 26, 2012, this assignment is related to PEL 23, located in the Walvis Basin, and PELs 24 and 28, both located in the Orange Basin. HRT will retain operatorship of these PELs.
"With this formal approval by the Government of Namibia, HRT has fulfilled all the requirements of the Farm-Out Agreement and we can confirm we will commence operations in 1Q13 for our exploratory campaign in Namibia. We are confident that HRT is on the right track to accomplish its objectives", said Marcio Rocha Mello, Chief Executive Officer of HRT.
For additional information, please contact HRT`s Investor Relations Department.
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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.
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.
SOURCE HRT Participações em Petróleo S.A.
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