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HRT to Sell Stakes in Namibia Oil Blocks by June

Source: Reuters 3/5/2012, Location: Africa

HRT Participaçoes plans to sell part of its stakes in offshore oil blocks in Namibia by June as it seeks to help pay for exploration activities.

Rio de Janeiro-based HRT plans to maintain a majority stake in the blocks where it plans to sell a stake, Wagner Peres, president of unit HRT America, said in a conference call with investors on Monday. HRT owns stakes in 12 exploration blocks in the African nation.

The decision underscores the company's decision to farm out its stakes in the block, amid efforts to transfer the operating rights of the Solimoes block in the Brazilian Amazon to TNK-BP a move many analysts expect to happen as early as this month. The company could earn as much as $1 billion in the latter transactions, according to Santander Investment Securities analyst Christian Audi.

Shares of the company have sunk 66 percent in the past year, reflecting rising exploration and production risks and uncertainty in strategy regarding the Namibia blocs. HRT Participaçoes fell for a second day on Monday, shedding 0.7 percent to 680.01 reais.

In two of blocks in the Walvis Basin it owns a 100 percent stake and is operator. It owns more than 90 percent and is operator in eight blocks in the Orange Basin. It has a three percent, non-operating stake in two blocks in the Namibe Basin. The 12 blocks cover an area of 68,800 sq. kilometers, an area nearly the size of Ireland.

HRT estimates its "at risk" oil resources in Namibia at 6.9 billion barrels of oil and natural gas equivalent. These resources are not classified as reserves and are not proven and are only a preliminary projection.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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