Namibian Authorities Approve Galp-HRT Farm-Out Deal
HRT Participações em Petróleo S.A. announces that, the assignment of a 14% participating interest in the exploratory rights over three (3) offshore Petroleum Exploration Licences (PEL) in Namibia to Galp Energia, was approved by the Minister of Mines and Energy (“MME”) of the Government of Namibia.
As informed by the Company on November 26, 2012, this assignment is related to PEL 23, located in the Walvis Basin, and PELs 24 and 28, both located in the Orange Basin. HRT will retain operatorship of these PELs.
“With this formal approval by the Government of Namibia, HRT has fulfilled all the requirements of the Farm-Out Agreement and we can confirm we will commence operations in 1Q13 for our exploratory campaign in Namibia. We are confident that HRT is on the right track to accomplish its objectives”, said Marcio Rocha Mello, Chief Executive Officer of HRT.
January 25, 2013