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Petro Rio S.a. (PC) (HRTPY)
2.0145 ? 0.0345 (1.74%)
Volume: 372 @ 10:31:10 AM ET
Bid Ask Day's Range
2.02 2.15 1.98 - 2.0145
HRTPY Detailed Quote
CVM fine the former managers of HRT for 'insider'
September 13, 2016 [18:04]
The Securities and Exchange Commission (CVM) condemned the HRT administration of former directors, Antonio Carlos de Agostini and John Forman for negotiating oil company's shares using inside information. The two sold company shares before the disclosure of material facts revealed the existence of dry wells in its portfolio in Namibia in 2013. The fines in the process amounted to R $ 795,000.
At the time, the negative information on operations in Namibia overthrew HRT shares on the stock exchange. The CVM has fined Agostini at $ 456,560, a figure that is double the loss avoided by him with the sale of company's shares on July 17 and September 5, 2013. The fine imposed on Forman by sales in July 2013 followed the same criteria, reaching R $ 338,500. Both can still appeal to the Board of Appeals of the National Financial System.
The first relevant fact published by HRT on 19 July 2013, stating the absence of oil and gas in Murombe-1 well. In trading following the announcement the shares opened in fall of 14.85%, quoted at R $ 1.72. The same dynamic was repeated in September of that year, when on 9 HRT issued a statement stating that Moosehead-1 well, also in Namibia, was considered dry. Again the shares collapsed over the closing price of the date of publication of the news.
Experts in the oil sector, Agostini and Forman were part of the oil company's board of directors between 2009 and 2012. In the indictment, the Office of Market Relations and Intermediaries (SMI) CVM took into account the proximity of managers to administrators who continued HRT at the time of evaluation of wells in Namibia, as the then CEO Milton Franke and advisor Marcio Rocha Mello, which would be a way for the leak of information.
The accused denied access to inside information. The defenses of Agostini and Forman highlighted his decades of experience in oil and that both were already away from HRT after diverge's leading line administration. They claimed that the two sold only part of their company's shares, in the case of Forman, less than 30% of the portfolio, taking into account that the oil company's shares had suffered devaluation since the beginning of the Namibian exploration campaign.
The CVM analyzed telephone conversations made between the accused and intermediates of brokerage firms to set sales operations and on the same date, the future repurchase. For the local authority was clear there prior conviction about the future behavior of the stock. Forman even states textually the employees of Credit Suisse that should sell "because the news due out late this afternoon or tomorrow morning", which for the prosecution revealed that he had access to privileged information and operated as a result of them.
On the other hand, the CVM director, Roberto Tadeu, Forman acquitted on the sale of HRT's shares in September of that year, close to the disclosure of the second fact. In this case, the talks brought no evidence that he knew of what was going on HRT, and the executive had considered alternative divestments for sale of the securities to raise sufficient resources to make an application for an investment fund.
Tadeu also voted for the acquittal of the former directors of HRT Maria Emilia Rocha Mello and Eduardo Teixeira. Both traded stocks in periods prior to the disclosure of the absence of oil in Namibia and also had relationships with other executives - Maria Emilia is the sister of the founder of oil, Márcio Mello. The dome of the CVM, however, considered that there was still no reliable information about whether or not oil in Namibia during the period when the two negotiated, since the company had not yet started the logging of the wells.
http://www.istoedinheiro.com.br/noticias/economia/20160913/cvm-multa-ex-administradores-hrt-por-insider/413019
Petro Rio S.a. (PC) (HRTPY)
2.16 ? 0.0 (0.00%)
Volume: 442 @ 2:11:04 PM ET
Bid Ask Day's Range
1.65 2.32 2.16 - 2.16
HRTPY Detailed Quote
GDS now are only 5.92%.
NEWS RELEASE
UPDATED NUMBER OF GLOBAL DEPOSITARY SHARES OUTSTANDING
Rio de Janeiro, September 1st, 2016 – Petro Rio S.A. (“PetroRio” or the “Company”)
(BM&FBOVESPA: PRIO3, TSX-V: PRJ), announces that the records of the TSX Venture Exchange (the “TSX-V”) have been updated to reflect the number of PetroRio’s Global Depositary Shares (“GDS”) currently outstanding. On September 1 st, 2016, there were 1,563,388 GDS outstanding (each representing 1/2 of an interest in a common share of PetroRio). Further details regarding the GDS can be found in the Company’s annual information form.
For further information, please contact PetroRio’s Investor Relations Department.
The impeachment is a good oportunity to buy, but not in Petrorio.
With impeachment of Brazil's President, I anticipate a market decline in Brazil. Is impeachment a buying opportunity or was last quarter's better results still not enough to show we are out of the woods?
Dear Drilla, why you dont like to update the information about percentual of GDS in Petrorio? Now GDS are only 5.96% of the company and you show here the old 6.04%.
monday August 22...share price plunges 40 % ???
I see my portfolio shows a plunge of about 40% today....from 2.30 area to 1.22 ,(on last Friday ?) or is it today? Ive learned to ignore the share price in the recent months...it seems to go up and down willy nilly. Today I look at the schwab account and it says only 10 shares traded. its all screwed up....but on my portfolio its making me think I'm down a few thousand dollars on my shares.
I have no idea what causes this kind of irregularity. I expect to see price return to the 2.20 area again,but its a bit disconcerting to see what looks like thousands of dollars "in the red" from HRTPY.
can anybody explain why this happens all the time.
I've come to just ignore the share price for many months because of this.
Is there any real liquidity? can I some day sell 4 thousand shares and actually see the transaction go thru ?
Petro was expecting lower production costs for the year. My interpretation was that they would need 10,000bbl/d to achieve lifting costs of $26 to $28 per barrel.
"we believe then after the re-entries and after we reach a production of 10,000 barrels a day, our average lifting cost for the year is expected to be between $26 and $28" (CEO Mayhew 1Q16 C.C.)
However, pleased to have been proven wrong on my interpretation, I think the costs are comparable to other producers in Campos Basin, also Petro has renegotiated contracts with suppliers and managed to increase production volume, the more we produce the lower the costs per barrel.
Let's hope $28.17 is not a fib.
Is it comparable with similar offshore deepwater producers?
Petro Rio S.a. (PC) (HRTPY)
2.4703 ? 0.0103 (0.42%)
Volume: 944 @ 3:48:41 PM ET
Bid Ask Day's Range
2.39 2.5 2.41 - 2.48
HRTPY Detailed Quote
Bob, surprised to see production cost at $28.17 considering average production volume of 8,780 bbl/d in 2Q16. Fantastic improvement. We’re not far away!
Drilla, have you thought about the numbers? Pleased that the production cost was on the mark at $28.17. With the Olympics, we might have anticipated the currency loss, but with the long term Real decline against the dollar, we have been ahead during more challenging periods holding dollars. At 10K bbl per day and slightly better oil price, is a profit foreseeable?
2Q16 Conference Call 08/12/16 12:00 p.m. US EST
webcast
2Q16 Results: Polvo, Cash, Assets, Receivables, Tax Credits
2Q16 results (pdf)
Polvo field:
"Oil production totaled 799,333 barrels in 2Q16, averaging a daily production of 8,780 barrels, 23% higher than 1Q16 and rebounding to 2Q15 levels.
Since the operational start-up of the three wells which underwent interventions, daily production stabilized at around 9,100 bbl.
In 2Q16, the Company executed two offtakes, totaling 766,734 barrels at the gross average price of US$ 45.41/bbl.
Sales totaled 766,734 barrels with revenue amounting to R$ 103.3 million and lifting cost of US$ 28.17/bbl.
EBITDA was positive by R$ 5.9 million in 2Q16, fueled by the 25% increase in the gross sale price and the reduction in COGS per barrel. This reduction will become even more evident in 3Q16, when the offtakes will correspond to a higher share of the volume produced in 2Q16"
Market Cap:
08/11/2016 Closing Price R$15.2
Common Shares 13,190,747
R$ 200.5 million
(Real Time Chart)
Cash Position
"At the end of 2Q16, PetroRio’s consolidated cash position, including cash equivalents and investments in marketable securities, was R$ 439 million, most of which allocated abroad, in U.S. dollars. We highlight though that our consolidated cash position in dollar terms increased by US$ 8 million in 1H16, reaching US$ 135 million in the end of June, as a result of our efficient cash Management"
R$ 439 million
Oil in inventory
"The Company ended the quarter with 554,000 barrels in inventory, equivalent to
R$ 75.6 million.
Accounts receivable:
Rosneft R$50m
Shell R$23m
Maersk R$11m
Total:
R$ 84 million
Non-current assets available for sale:
Balance at 06/30/2016
2 aircrafts and 4 drilling rigs:
R$ 54 million
Tax credit:
"The Company has tax loss carry forwards and negative social contribution tax generated in Brazil, which may be offset against future taxable profit, limited to 30% every year. Management opted not to account for said tax credits, which will be recognized as the future taxable income is being generated.
R$ 472 million
Olympics
I wonder if this is a logical thought. The summer olympics will start this week. Could the attention to Brazil cause investors to move things upward there in the market, and Petro Rio.
Any ideas...
Million Barrel Quarter
"PetroRio closed 1Q16 with 523 thousand barrels in inventory, sold 400 thousand barrels in April and planned to have the next offtake for the end of May, beginning of June. Production volume in April & May was 549,063 bbl . Should have sold > a million bbl in 2Q16!"
June production was 250,290 so almost 800,000 in total for the quarter, 1.3 million considering oil in inventory from Q1...
Now GDS are only 5,96% of Petrorio
The GDS are beeing Extinct!
NEWS RELEASE
UPDATED NUMBER OF GLOBAL DEPOSITARY SHARES OUTSTANDING
Rio de Janeiro, August 1st, 2016 – Petro Rio S.A. (“PetroRio” or the “Company”)(BM&FBOVESPA: PRIO3, TSX-V: PRJ), announces that the records of the TSX Venture Exchange (the “TSX-V”) have been updated to reflect the number of PetroRio’s Global Depositary Shares (“GDS”) currently outstanding. On August 1 st, 2016, there were 785,794 GDS outstanding (each representing 1/2 of an interest in a common share of PetroRio).
Further details regarding the GDS can be found in the Company’s annual information form.
For further information, please contact PetroRio’s Investor Relations Department.
http://ri.petroriosa.com.br/download_arquivos.asp?id_arquivo=B1A7931F-795D-46F1-A1A6-BEF8B872AA50
Mr Tanure seems that bought 4.2% of OI telephone company (company recently filed bankruptcy, being virtually bankrupt), using resources and money of company Petrorio. If the OI company have a debt around of R$ 65.4 billion, now, the Petrorio have a debt of 4.2% of this amount (R$ 2.75 billion). As news translated below.
________________________________________________________________________
http://www.istoedinheiro.com.br/noticias/negocios/20160729/pharol-prepara-reacao-investidas-tanure/398043
TRANSLATE:
Pharol prepares reaction to Tanure of investees in the OI
The Pharol, main individual shareholder of OI prepares a reaction to recent attacks businessman Nelson Tanure, which recently acquired a significant share in tele. The former Portugal Telecom (PT) monitors whether Tanure is acting together with other shareholders without informing the capital market.
What the Portuguese company wants to know is whether in fact the entrepreneur would have greater voting power in assemblies to work together with other shareholders who have acquired or significantly increased the position in tele recently, including the PetroRio and background Discovery. The status of OI, each shareholder, regardless of participation has limited voting to 15% of the share capital.
The Portuguese group has 22.24% of OI through the Bratel subsidiary while Tanure has only 6.63% through Société Mondiale background.
An executive of Pharol told the story that Tanure will have to take the risks involved. The businessman tries away from OI board members linked to the former Portugal Telecom.
Sought Tanure, which is also a major shareholder of PetroRio, denied any agreement to vote. also said that oil, like any public company applies its reserves in stocks and bonds. According to him, the Discovery, which already took part in PetroRio, is "a fund has assets of $30 billion, and participation in over 100 companies around the world."
On another front, the Portuguese Pharol can attack Tanure in its position on consultation made this week by Société Mondiale the Securities and Exchange Commission (CVM). Tanure asked the authority it manifests on the suspension of voting rights of Pharol in the OI decisions. He argues that companies have significant participation in each other and exert reciprocal control rights.
The executive of the Portuguese company denies the claim. "Neither OI controls Pharol nor Pharol controls OI," he said.
The representative of the former PT did not rule out that the company participate in a possible capital increase of OI, which "will depend on the conditions."
The Pharol decided on Thursday, 28, process the shareholder of OI Aurelio Valporto, vice president of the Minority Investors Association of Brazil, after statements made to press against the Portuguese company. The information is the newspaper O Estado de S. Paulo.
________________________________________________________________________
http://oglobo.globo.com/economia/recuperacao-judicial-da-oi-pharol-critica-posicao-da-bridge-19807438#ixzz4Fo63AHzr
TRANSLATE:
Judicial Recovery OI: Pharol criticizes Bridge position
The PetroRio which has Nelson Tanure as a shareholder, already has more than 4% of the tele
RIO - The Pharol, main shareholder of OI, with 22.24% of the securities of Rio tele decided to initiate a dispute against the management of investments Bridge, which has in its committee Nelson Tanure businessman, who owns 6.32% of the capital the telecommunications operator. The company, the former controlling shareholder of Portugal Telecom, said he did not consider legitimate the election of Bridge want to call a meeting to dismiss all members of the Board of Directors of OI indicated precisely by Pharol.
The OI, with debts of around R$ 65.4 billion, filed for bankruptcy last month, and since then the supertele has been subject to dispute among shareholders and international creditors. The Pharol says Tanure been using their companies to buy shares of OI swap the positions between them. The Pharol cites the case of PetroRio oil, which has the business as a shareholder, with about 4.2% of the operator's shares. Already Bridge, through the bottom of Société Mondiale investment, now has 6.32% of the papers. The Pharol also highlights the approximately 5% of the shares in the hands of the American fund Discovery, another member of PetroRio.
BRIDGE ASKS CVM VIEW
In his bid to convene a new meeting, the Bridge claims that OI and Pharol has the same directors, which, according to the manager, sets, reciprocal exercise control rights, as they are the same people that define the votes in both companies. So whether the names given by the Portuguese out of OI.
For Pharol, Nelson Tanure entrepreneur does not have a "legitimate claim" in its application, since the current board of directors has a term of two years, approved in September last year. In addition, Pharol points out that all current OI Council members appointed by the Portuguese company were not part of the former management of Portugal Telecom, except for the presence of Rafael Mora, who at the time played a non-executive position in the Portuguese tele.
For what reason the Bridge wants to change only part of the Board of Directors all decisions were always adopted unanimously by the Council. That is, the statute only good for one thing and not another - asks one of Pharol executives, who declined to be identified.
Yesterday, the Bridge application sent to the Brazilian Securities Commission (CVM) for the authority to express its opinion on the mutual interests of OI and Pharol. In the document, the Bridge asks the Pharol is prevented from voting on resolutions involving the Council of OI. Asked about the actions of PetroRio, Tanure said that like any public company, the oil company applies its reserves in stocks and bonds. "This is a common practice in the market," said the businessman in a statement.
Maybe Petro is buying? 2Q16-results coming @ 08/11/16..
Thank you for the quick response. I hope we see some strong results from the company in this quarter to bring back some investor interest. The trade volume is pathetic right now.
PetroRio has already been in negotiations with PetroBras about its stake in Bauna field which is currently producing ~50,000bbl/d - other bidders are LetterOne and Karoon Gas - no news yet about the outcome. For the end of 2017 the company's targeted production volume is 100,000bbl/d which they plan to achieve through acquisitions.
Current MC of US$49 million does not reflect the value and potential of PetroRio. Management is ready to buy back shares over the coming months "to provide that Market Price of the Shares shall reflect more appropriately the Company’s Intrinsic Value". I believe 2Q16 results should be a strong catalyst.
Petrobras well sales:
I saw a story on CNBC that Petrobras is putting up nine(9) wells for sale.
Does anyone have any information about it?
Wouldn't that provide us an opportunity to potentially buy one or more?
Any thoughts?
Thank you.
That is great Drilla.... but why is PPS for HRTPY stagnating this low below $2.00 US? What is management doing to raise get their market cap in line with PPS? TIA!
Million Barrel Quarter
PetroRio closed 1Q16 with 523 thousand barrels in inventory, sold 400 thousand barrels in April and planned to have the next offtake for the end of May, beginning of June. Production volume in April & May was 549,063 bbl . Should have sold > a million bbl in 2Q16!
Million Barrel Quarter
PetroRio closed 1Q16 with 523 thousand barrels in inventory, sold 400 thousand barrels in April and planned to have the next offtake for the end of May, beginning of June. Production volume in April & May was 549,063 bbl . Should have sold > a million bbl in 2Q16!
up! -> 9,123bbl/d in May -> looking good!
Drilla,
How as May production - any trends up or down?
Have a super day!
GDS now are only 6.01%
NEWS RELEASE
UPDATED NUMBER OF GLOBAL DEPOSITARY SHARES OUTSTANDING
Rio de Janeiro, July 1st, 2016 – Petro Rio S.A. (“PetroRio” or the “Company”)
(BM&FBOVESPA: PRIO3, TSX-V: PRJ), announces that the records of the TSX Venture Exchange (the “TSX-V”) have been updated to reflect the number of PetroRio’s Global Depositary Shares (“GDS”) currently outstanding. On July 1st, 2016, there were 792,794 GDS outstanding (each representing 1/2 of an interest in a common share of PetroRio). Further details regarding the GDS can be found in the Company’s annual information form.
For further information, please contact PetroRio’s Investor Relations Department.
http://ri.petroriosa.com.br/download_arquivos.asp?id_arquivo=2AB4B751-021A-4990-ADD1-2129DE7A5A2B
Petro Rio S.a. (PC) (HRTPY)
2.09 ? 0.0 (0.00%)
Volume: 1 @ 9:31:08 AM ET
Bid Ask Day's Range
1.92 2.09 - - -
HRTPY Detailed Quote
Another couple'a splits and it will be worth ten dollars a share. Of course, by that time I won't have but 3 shares. Sorry crooks.
Actually Josh, this is the second time we have been screw'd over by the infamous Mr Manure.
Did the reverse split go through for everyone holding shares?
Not sure what is going on here?
Scottrade is like me. They ain't got the first clue what just happened!
I bought 1000 shares at $0.74 today. Shouldnt these be trading 5X what they traded at on Friday. They should be trading around $2.25 right?
Did I make a mistake or get lucky?
from today on traded on reverse split basis...
06/10/2016 PDF NOTICE TO SHAREHOLDERS - REVERSE SPLIT OF SHARES: END OF SHAREHOLDERS POSITION ADJUSTMENT PERIOD
from June 13, 2016 on, the Company’s common shares and Global Depositary Shares (“GDSs”) will be traded on a reverse split basis.
The reverse split of PetroRio will comprise the totality of common shares and GDSs issued by the Company at the rate of 5 (five) common shares and 5 (five) GDSs for 1 (one) common share and 1 (one) GDS, respectively, maintaining the same proportion currently in force of 2 (two) GDSs to 1 (one) common share. This transaction was approved in the Company’s Annual and Special Shareholders Meeting held on April 29, 2016.
Drilla, now GDS are 6.08%, not 6.33%. Update this information.
http://ri.petroriosa.com.br/conteudo_en.asp?idioma=1&conta=44&tipo=58650
Drilla and Bob thank you for your post on Q1 numbers! Looking very promising for Q2 and PetroRio considerably undervalued.
Bob,
I believe when Petro said they sold 400k @ US$43/bbl they refer to the price of Brent. As oil from Polvo field is heavy we have to consider a price reduction of ~10% or so per barrel. But certainly Q2 is looking much better compared to Q1 and imo we're still massively undervalued considering our cash and assets.
looking forward to next results
Bob,
I believe when Petro said they sold 400k @ US$43/bbl they refer to the price of Brent. As oil from Polvo field is heavy we have to consider a price reduction of ~10% or so per barrel. But certainly Q2 is looking much better compared to Q1 and imo we're still massively undervalued considering our cash and assets.
looking forward to next results
Drilla,
If I read you correctly, you see a blended price of $45-$46/barrel with 800K-1M barrels sold for the quarter. This is total revenues between $36M-$40M. Assuming the total costs have no price break between 8.9Kbbl/day and 10Kbbl/day (i.e. we pay expenses is if we pumped 10Kbbl/day), the 90 day all in expense cost should be roughly $28.8M (10K x 90days x $4 = $28.8M). Should we be inferring possible quarterly net income of $7M-$11M ($36M-$40M - $29M = $7M-$11M)?
That could be quarterly EPS of $0.10-0.15/share!
Did I miss something?
Bob, I certainly hope so, looks like good old Polvo will do us good in 2Q16. According to Petro we've sold 400k in April @ US$43 and the plan was to sell another cargo @ US$48 in May - with increasing production volume we may have sold ~ a Million barrel by the end of the quarter. You're correct, costs per barrel would be much lower @ 10k/d, according to Petro lifting costs would be between US$26 and US$28 per barrel and total cost @ US$32/bbl!
Looking good!
Drilla, do you think we achieve 10K average daily production in May/June? I believe 10K at current prices equals positive cash flow and net income to boot.
Have a super day!
Petro Rio S.a. (PC) (HRTPY)
0.4 ? 0.0 (0.00%)
Volume: 89 @ 9:56:29 AM ET
Bid Ask Day's Range
0.383 0.45 - - -
HRTPY Detailed Quote
Pay attention to where are moving the GDS actions. In exemplified 3-month period (from 02/15/2016 to 05/16/2016), as indicated below, none of the major shareholders changed position and migrated a total of 165,000 GDS for PRIO3 incorporating this amount in "other shareholders". The company's total shares increased beyond 165,000 GDS migrated, plus 10,696 shares conversion and fruit etc, increasing the "other shareholders", said shares available in the market, 175,696 shares.
Before, in 02/15/2016
After, 05/16/2016
With the last position reported by the company on 05/16/2016, if considered for purposes of calculating the repurchase of 16.5 MM shares, the equity position would be as follows.
Aventti ........... 17,771,955 - [35.94%]
One Hill .......... 15,137,489 - [30.61%]
Bridge Trust ....... 8,500,633 - [17.19%]
GDS ................ 4,006,973 - [8.10%]
Other .............. 4,036,689 - [8.16%]
Total ............. 49,453,739 - [100.00%] (from 65,953,739 to 16,500,000)
obs: The figures above do not consider the possibility of conversion of the remaining debentures.
The GDS shareholders are being extinguished. When they be reached below 5% stake not will be appear in the shareholders' board. After they extinguish the GDS will be the turn of the common shares on the Bovespa under the prio3 code.
http://ri.petroriosa.com.br/conteudo_en.asp?idioma=1&conta=44&tipo=58650
BOARD RESOLUTION ANP-04/27/16
Case number: 48610.009998 / 2014
Board Meeting Number: 842
Date: 04/27/2016
RD - 325/2016
SUBJECT: Production Individualization Agreement (AIP) of Shared Oilfield between Tubarão Martelo Fields (Concession Agreement No. 48610.001367 / 2008-54) and Polvo (Concession Agreement No. 48610.001367 / 2008-54) - Campos Basin
RESOLUTION: The Board of the National Agency of Petroleum, Natural Gas and Biofuels - ANP, based on the Action Proposal No. 963 of 28 October 2015, and based in Opinion No. 206/2016 / PF-ANP / PGF / AGU and Order No. 280/2016 / PF-ANP / PGF / AGU, decides:
I) authorize the continued production of the central area of the Tubarão Martelo Field; and
II) suspend any development and production activities in the region northeast of granting Tubarão Martelo Fields, while not approve a unitization agreement of production between OGX and HRT operators.
MONTEIRO CALDAS LEONARDO
EXECUTIVE SECRETARY
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PetroRio
The door of the company Petrorio is closed to the GDS Shareholders. Finished the dream.
WARNING !
These GDS shares of Petrorio Was DELISTED from the TSX Venture Exchange following the close of the trading session of January 27, 2017
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