Dry Well for HRT Offshore Namibia

Dry Well for HRT Offshore Namibia

HRT Participações em Petróleo S.A. announces that the Moosehead-1 well (2713/16-1) (“Moosehead-1”), the third offshore well in their exploratory drilling campaign, is a dry hole. This well targeted the Moosehead Prospect, located in Petroleum Exploration License 24 (“PEL-24”), in the Orange Basin, offshore the Republic of Namibia.

The main objective of the Moosehead-1 well was to test the resource potential of Barremian-aged carbonate reservoirs, expected to be equivalent to the Brazil and Angola “pre-salt” reservoirs, within a 546 km2 4-way dip closure, mapped on 3D seismic. Extensive formation evaluation was performed to confirm the nature and quality of the carbonate reservoir and source rock intervals, including wireline logs and sidewall core samples.

The Moosehead-1 well encountered approximately 100m of carbonates at the primary target. The nature of the reservoir, though further analysis of data collected will be necessary, appears similar to the “pre-salt” reservoirs as predicted. However, porosity was less developed than expected in this location, and is being considered a dry-hole. Wet gas shows were encountered in the section that increased in wetness with depth. At least two potential source rocks were penetrated, including the well-developed Aptian-age source rock. Indications of source rocks in the deeper rift section were also apparent, though not penetrated. Further analysis of the well sampling will greatly help with continuing exploration on the HRT blocks in Namibia.

The Moosehead-1 well was located in 1,716m of water depth and was drilled to 4,170m of measured total depth. The well was drilled, wireline logged and P&A, in a total of 47 days, by the Transocean Marianas (NYSE:RIG) semi-submersible rig. Operational and safety performance was excellent. This completes HRT’s Namibian drilling campaign and the Transocean Marianas is available for sublease.

HRT is the operator of 10 blocks offshore Namibia, which are contained in 4 Petroleum Licenses. GALP Energia (NYSE Euronext Lisbon: GALP), with 14% participating interest, is HRT’s partner to drill the first 3 wells of the current exploration campaign.

“The Moosehead well concludes HRT’s first drilling campaign in Namibia with very important geological information even though no pay zones were found in this well. The time has come for a thorough analysis of our three well results and assets in Namibia to develop new plans for 2014 and 2015. We conclude this campaign with the understanding that both the Orange and Walvis basins, tested with drilling, are oil and gas prone basins, new exploration efforts will bring commercial hydrocarbon discoveries and that HRT will be part of the future of Namibian exploration,” highlighted Milton Franke, the CEO of HRT.

[mappress]

Press Release, September 10, 2013