Petro Rio S.A. ADR fka HRPTY

[DrillaHill]

John, Repsol will drill in April in Namibia

They forgot to update their operatios section.

UPDATE - Tower Resources closing in on Namibia farm out before April spud date
Monday, January 27, 2014 by Jamie Ashcroft

Tower Resources (LON:TRP) is closing in on a farm-out deal to sell a 10% stake in an exploration venture offshore Namibia.

A number of interested parties have reviewed the “data-room” and follow up enquiries are currently being dealt with, the company said in a statement.

Final well designs and drilling budgets will soon be agreed and it is thought that this will allow the farm-out process to come to a timely conclusion, it added.

Separately, Tower said the Rowan Renaissance drillship is anticipated to arrive in Namibia on or around April 11, and the Welwitchia-1 well would spud the following week.

"We are pleased with the progress on the farm-out process and on the planning and preparation for the important Welwitchia-1 well, one of the largest upside wells to be drilled by an independent in 2014,” said chairman Jeremy Asher.

“We are also well advanced on a number of possible new ventures and we hope to be able to say more about these in the near-future."

Tower also announced on Friday that it raised £820,000, issuing 19.25mln new shares at a price of 4.2p, from a draw down on its finance facility with Darwin Strategic.

Broker Northland has a 'buy' rating on the stock and analyst Andrew McGeary noted: "The very minor fund raise is a little surprising as the company had not previously planned to use its backup Darwin facility.

"However, this is relatively immaterial at these levels. More important is the conclusion of its farm-out and this update looks reasonably positive on that front."

The company has US$18mln in cash having paid US$3mln towards well costs, the broker noted.

Shares advanced 3.01% to stand at 4.275p each.


Will be very interesting to see how much one will be willing to pay for a 10% farmin.
Will give us an understanding what oil companies think of Namibian propects these days.

Unbelieveble is Tower's market cap compared to HRT's:

US$161MM Tower
US$135MM HRT

if you compare these two companies you will see HRT should be worth ten times as much as Tower based on cash, tax credits, non-core assets (IPEX, Rigs, Airplanes, Helicopters, Buildings,..), core assets 20 times as much licenses in Namibia and Solimoes, producing ~7000boe/d in Polvo field + proven reserves in Polvo and Solimoes,...

Nelson Tanure with JG Petrochem knew why to buy 57 million shares of HRT right now (19.25%).
Today all the assets and potential is for free @ US$0.24/HRTPY.
In my opinion not long from here and all the value of assets and some of the potential will be mirrored by shareprice.

GLA