ANP Approves Transfer of Interest in Polvo Field to HRT

  • Business & Finance

HRT Participações em Petróleo S.A. (the “Company” or “HRT”), together with its wholly-owned subsidiary, HRT Oil & Gas Ltda (“HRTO&G“), announce that it acknowledged the approval, through the Official Letter given on December 18th, 2013, of the request for the Assignment of Interests regarding a 60% participating interest in the Polvo Field from BP Energy do Brasil Ltda (“BP”) to HRT O&G by the National Petroleum, Natural Gas and Biofuels Agency (ANP). 

ANP Approves Transfer of Interest in Polvo Field to HRT

The purchase and sale agreement (PSA) between HRT and BP for the acquisition of a 60% interest in the Polvo Field, in the amount of US$ 135 million, was signed on May 6th, 2013. Furthermore, the completion of the PSA, which also encompasses the acquisition of 100% interest in the company that holds the Polvo A fixed platform, and a 3,000 HP drilling rig, was subject to certain preceding conditions, among them, the ANP`s final approval. Upon completion, which is expected to occur in the first half of January, 2014, HRTO&G will become the operator of the Polvo Field.

Since the signature of the purchase agreement, both Companies commenced the operation transition preparedness, so that the final transfer could be made in a gradual, continuous and integrated manner, while keeping the safety, performance and quality standards. HRT`s operational team is in place and ready to commence operations from completion.

The Company`s strategies include the drilling of two new development wells, which will enable to increase the production of undeveloped proven and probable reserves. Therefore, the drilling of the first well is expected to commence during the second half of 2014.

“The acquisition of part of the Polvo Field drives HRT to a new stage, now operational, as an oil producing company, and such fact is a great milestone in the history of HRT and in the implementation of the strategy to diversify the Company`s portfolio”, highlighted Milton Franke, CEO of HRT.

Press Release, December 25, 2013

 

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