HRT Confirms Increase in Prospective Resources in Namibia

Source: www.gulfoilandgas.com 11/22/2012, Location: Africa

HRT Participaçoes em Petroleo S.A is pleased to announce the 2012 report prepared by the consulting firm DeGolyer & MacNaughton (“D&M”) which estimates new resource volumes in HRT’s Petroleum Exploration Licenses (“PEL”) 22, 23, 24 and 28, located in offshore Namibia.

This study was performed using the excellent quality 3D-seismic volumes that HRT acquired and processed during 2011 and 2012, allowing a significant improvement in the analysis of the volumes previously reported by D&M. The report increased to 7.4 billion barrels of oil equivalent (BOE) the net risked Pmean potential resource volume in Namibia, being 5.1 billion of crude oil and condensate (“bbl”), and 2.3 billion BOE of associated and non-associated gas. These new volumes represent an increase of 0.5 billion BOE to the portfolio of HRT reported in 2011, as well as an increase of 6.6% from the previously estimated volumes for the Namibian HRT PELs.

Thus, HRT will now have a potential volume of net risked Pmean prospective resources in Namibia and Solimoes of 7.8 billion BOE, in addition to the 3C net contingent resources in Solimoes of 0.5 billion BOE.

HRT is scheduled to start its drilling campaign of up to four exploration wells in Namibia in the 1Q13. The semi-submersible Transocean Marianas was chartered for a period of 280 days to carry on HRT´s drilling program. The wells will be drilled in world-class prospects that are located in water depths ranging from 180m to 1,800m. The oil potential unrisked P(10) resources amount to 29.136 billion barrels.

"This new Report, performed by D&M, based on our new 3D-seismic data, confirms HRT’s confidence in the oil and gas potential of our Namibian PELs. This is an important testimony that HRT is on the right track to achieve its objectives with the drilling campaign that is about to start in early 2013”, emphasized Marcio Rocha Mello, Chief Executive Officer of HRT.


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Related Categories: Formation Evaluation  General  Geological, Geophysical  Geophysical Contractors  Mud Logging  Reservoir Engineering & Recovery Methods  Seismic survey  Well Completion, Logging, Workover 

Related Articles: Formation Evaluation  General  Geological, Geophysical  Geophysical Contractors  Mud Logging  Reservoir Engineering & Recovery Methods  Seismic survey  Well Completion, Logging, Workover 


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