Unitization of the Polvo and Tubarao Martelo Fields

Source: www.gulfoilandgas.com 10/16/2014, Location: South America

HRT Participaçoes em Petroleo S.A., due to the statements made by Oleo e Gas Participaçoes S.A. – under Court-supervised Reorganization (“OGPar”), in article published in Valor Economico newspaper entitled “OGPar plans a new phase in Tubarao Martelo”, dated October 6, 2014, performed merely to divert the attention of the market and its creditors, hereby provides clarifications on the actual status of the Production Unitization Agreement - AIP (“Unitization”) of the Polvo Field, operated by HRT O&G Exploraçao e Produçao de Petroleo Ltda. (“HRT O&G”), with Tubarao Martelo Field, operated by OGX Petroleo e Gas S.A. - under Court - supervised Reorganization (“OGX”).

In said article, OGPar disagrees with HRT’s assessment on the existence of connection between the Tubarao Martelo and Polvo fields and, accordingly, on the need of unitization of fields under the terms set forth by ANP Resolution 25 of July 8, 2013.

It is not only HRT’s assessment that indicates the existence of lateral continuity between these two fields. Studies conducted by OGPar in 2012, attest that one of the reservoirs located in the Tubarao Martelo Field advances towards the ring fence of the Polvo Field, which, in light of referred Resolution, requires the signature of a production unitization agreement among the concessionaires involved to the sharing of results from the exploration and production.

In view of the identification of lateral continuity of Tubarao Martelo reservoirs in the area of the Polvo Field, ANP formally conditioned the approval of the Development Plan (“PD”) of the Tubarao Martelo Field, through the Board of Executive Officers’ Resolution 714 of June 13, 2013 (“RD ANP 714/2013”), to the submission of a revision of such PD by December 31, 2014, including “the submission of formalization of the Production Unitization Agreement – AIP related to the extension of the reservoir into the area of the Polvo Field”.

Up to the present date, HRT has not received any reply to its request for seismic data and other geological information from OGPar, which has been trying to, in many ways, hinder the progress of the unitization process determined by ANP Resolution 25/2013.

In view of these facts and the unreasonable requirements imposed by OGPar in the attempt to prevent the unitization, HRT has submitted to the Exploration Superintendence – SDP of ANP a request to have access to the Administrative Proceeding which contains the technical reports and the PD of the Tubarao Martelo Field, along with a requested to suspend the production in such field until ANP establishes the terms and conditions for the unitization of the referred fields.


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