Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
lol, "obvious manipulation"--
1500 shares traded. More obvious is the fact that there are no buyers.
ACQUISITION OF THE BIJUPIRÁ AND SALEMA OIL FIELDS
Rio de Janeiro, January 20th, 2015 - PetroRio1, the new brand of HRT Participações em Petróleo S.A. hereby announces the signing of a purchase and sale agreement to acquire 80% of the rights and obligations of the concession contracts for the Bijupirá and Salema Fields with Shell Brasil Petróleo Ltda. ("Shell"), Petróleo Brasileiro S.A. - Petrobras, holds the remaining 20%. The transaction also involved the acquisition of, among other assets, the ship FPSO Fluminense, used in the production process of both fields, with storage capacity for 1.3 million barrels of oil. Only upon approval from the regulatory agencies, the Company will become the operator of the fields.
With this transaction, PetroRio will become one of the largest independent producers in the country, operating an average of more than 30,000 barrels of oil per day. This represents a three-fold increase in current production and positions PetroRio as one of the most important emerging companies in Brazil's oil industry.
The Bijupirá and Salema Fields, located in water depths of 480 and 850 meters, are located in the Pre-Salt polygon, just 80km northeast of the Polvo Field, PetroRio's first production asset, generating important synergy gains between the operations. The licenses cover an area of 40,000,000 m2 and daily production totals 22,000 barrels of light oil and 325,000 m3 of associated gas, equivalent to 24,000 boe/day. The oil extracted from the fields is light from 28° to 31° API.
PetroRio is born of a new corporate culture focused on increasing production through the acquisition of production assets, the re-exploration and optimization of the Polvo, Bijupirá and Salema Fields, increasing operational efficiency and reducing production costs and corporate expenses, as well as eliminating exploration risk. The Company's main objective is to create value for its shareholders, protecting its liquidity and increasing revenue and profits, with full respect for safety and the environment.
The acquisition of the Bijupirá and Salema fields will be executed with a portion of the funds raised through the 1st Convertible Debenture Issuance and with a structured financing operation led by Glencore Ltd., a wholly owned subsidiary of Glencore PLC.
The completion of the purchase and sale transaction between PetroRio and Shell is subject to certain precedent conditions, including approval of the assignment of rights by Brazil's Council for Economic Defense (CADE) and the National Agency of Petroleum, Natural Gas and Biofuels (ANP).
Click here for the Material Fact.
Obviously you heard wrong.
Hard question--- crashing crude price has added insult to injury--- stir in the death spiral deb financing, and it's anybody's guess.
JMHO---
<< I'm a long, I ain't got no other choice.>>
not true-- you have a choice but refuse to accept it.
As far as << I'ts commin' back....it always does. >>
that also is not true... it never has...
RZ, I didn't see this line. You are correct.
"18.1. Preemptive rights to subscribe Debentures will be reserved for holders of HRT common shares of record on October 24, 2014 ("Shareholders"), in proportion to the share position held by each shareholder on that date ("Preemptive Right").
RZ, I don't know what you are talking about.
The GDS just tracks the HRTP3.
Everybody is geting equvalently diluted at the same time.
<< Additionally, GDS holders are not included in a direct way to secure his/her pro rata share of the debentures.>>
Present holders of the GDS or the common are not getting any debs.
These are being sold as a Private Placement.
I tried your post again--- still looks the same--
"might go higher,, could go lower" seems to be what you're saying.
At the very least that is an honest prediction.
I see now that you don't really need to chart HRTP3 because a call like that can be made on every stock and market at anytime.
Now I read your post. It could go up or it might go down. OK
Then you are correct. Doesn't matter what market you choose.
Of course they look the same, but it is only because arbs keep things somewhat in line. HRTPY, and HRP do not really trade up here. Nobody is following them anymore as far as I can tell.
EG; the $2.10 sale a few days ago was for a 100 shares. At the time this was well below the real price on the Bovespa, but for sure these things will happen when there is no real North American participation. But, whatever you want to see is fine, but it kind of makes your charts useless IMO. The real market is on the Bovespa where it trades stock all day.
Since HRTPY and V.HRP are really only foggy mirrors of HRTP3 with little volume, I think you might consider charting HRTP3 on the Bovespa to get a clearer picture.
Whoa Biff, I'm sure everyone will miss your valuable input like your last post. NOT.
My guess is that Tanure is behind that decision.
BWDIK?
If I understand that correctly, it says that Tanure is donating 300,000 reals of HRT's money to Crivelli.
I was under the impression that Tanure was just a shareholder of HRT , but that sounds like he completely runs the show.
Maybe I misunderstand, but that's what it reads like in the translation.
Nice find Drilla
Clapdipper,,
It has nothing to do with HRT. This is a brokerage /transfer agent screwing. UFB that it takes them so long to do something like this. They obviously were ready in Brazil the exact day of the new shares trading.
Well this thing dropped from equivalent$100 to $1.40. About 98.5%.
It has since gone back up 100% to $3.00. Should it rise 400% from its low it will still be 94% below its high. I don't know what the strong fundamentals are that could possibly get it to $400.
Just NOISE???? lol
Would you please point out "the optimistic news". The market and myself seem to have missed it.
I saw good money come in, but by the time it was sliced and diced and bonused there wasn't much left. Other than that I fail to see anything particularly optimistic or pessimistic.
We don't need pessimism for the price to fall, but we need optimism for it to rise.
"The conclusion of the purchase and sale transaction between HRT and Maersk is subject to certain conditions, among
them, ANP’s definite approval."
That does not sound to me like it has been paid for already.
Why would HRT pay for something that still had to meet certain conditions and approvals?
I don't think you are correct on Polvo.
This from page 7--
"In early July, HRT entered into a purchase and sale agreement with Maersk Energia Ltda (“Maersk”) for the acquisition
of 40% in the exploration, development and production rights in the area of the Polvo Field, located in the Campos
Sedimentary Basin.
The conclusion of the purchase and sale transaction between HRT and Maersk is subject to certain conditions, among
them, ANP’s definite approval. Once the transaction is approved, HRT will become the holder of a 100% WI in the Polvo
Field."
Looks like the purchase has not been completed.
Well, the beeg float didn't work too well, did it?
I wonder how long before this post is deleted?
Buyers show up if they have a GOOD reason to buy regardless of the float or the name.
Nice find CG.
This should relieve some expense pressure related to Solimoes.
LOL,, And the US and Canada are Paragons of virtue.
The world is still reeling from the US sub prime scam of scams and will be for some time to come.(Note; not a day of jail time served)
Canada's markets are riddled with liars and scam artists.
No--- 10:1---
You will still own the equivalent of half a share of not much, minus the lottery premium.
From Debora on SH---
In an atmosphere of peace, order of HRT approved poison pill
RIO DE JANEIRO _The shareholders of oil HRT in harmony environment, approved by a majority changes proposed by the administration during the extraordinary general meeting, held on Tuesday, 24. Consequently, the poison pill was removed, the mechanism by which more than 20% of the company to make a public offering of shares _ holder, besides the change of address for more economical installations, the capital increase in view of the exercise of options and warrants and the new grouping shares in the ratio of 10 to 1. All amendments to the Bylaws, which will give more flexibility to managers, were approved with ample majority. The new grouping was suggested by the minority Antonio Agostini, one of the founders of the company in 2008 and former director of Petrobras. The original proposal was 30 to 1 share. The work was led by former minister Helio Costa, chairman of HRT. JG Petrochem, businessman Nelson Tanure, did not attend the EGM. In total, attended the meeting _ which lasted 80 minutes _ 18.33% of the share capital of the oil. Paulo Roberto Cunha BLACK GOLD BLOG
Read more at http://www.stockhouse.com/companies/bullboard/v.hrp/hrt-participacoes-em-petroleo-sa#4zwr7zZIfT0Iw3MU.99
Whoever the buyers in Brazil are; They seem to be unaware of the discount on the GDS or they don't care.
You have to talk louder- he speaks Portugese...
How can you say something like that?
If I own 1 million shares of a stock that has a 10 million share float, then I own 10%.
Now the company buys back 5 million shares and cancels them.
The float is now 5 million shares, but I still own 1 million shares.
I am no mathematician, but it would seem to me that I now own 20% of the company.
Please in your wisdom point out my bad logic.
Trading volume may be low in North America, but certainly not on the Bovespa. Average volume in Brazil is probably at least 5 million shares per day.
Quite truthfully I am astounded at how heavy HRTP3 trades cranking over 10% of the company in 2 or 3 days on several different occasions.
Of course it does not trade up here. No one follows it and it has been a disaster for the holders.It also only follows or trades around its daddy which is HRTP3.
I find it interesting that someone so opinionated as you seems to be unaware of where this stock actually trades.
You are wrong--
Bassanio you are wrong when it comes to the liquidity of a stock.
Big funds and large investors won't touch stocks with tiny floats simply because they have no liquidity.
Take a look at all the heavily traded stocks on any exchange. It is the ones with huge floats and therefore tight spreads.
Tiny float will give large spreads between bid and ask scaring traders and investors away.
Tiny float makes it hard to buy and hard to sell without large price movements.
Large share floats usually have a large number of shareholders with many different viewpoints and time frames allowing easy enter and exit at prices close to the previous sales.
Makes perfect sense to me and obviously to the market.
You did not say anything about acquiring producing assets or finding them with the money.
You said that they should use the money to buy back stock which for sure would guarantee not finding or purchasing producing assets.
NS,, I thought that I made a mistake once, but I was wrong.
NS, I edited that post to a blank. I wanted only to put the post on SH, and did not notice until too late that I was on IHUB.
This is probably because of all of your cross posting everything twice, thrice and everywhere.
"but those of us in America and Canada won't go down without a fight ""
Breaking News------We have already gone down
Our shares are trading at 16 or 17 cents...Have been for some time,,,,
It's only a flesh wound---
"positive cash flow from desinvestment "
for how long?
"Polvo produces positive operating Cash Flow. "
for how long?
They need to find or acquire more producing assets or they are finished.
This requires money, and this is why it is trading at a discount to cash.
That charge is a ridiculous rip off. The arb has not done almost any trading in at least the last 6 months and probably more then a year.
135 million times 2 cents-- For What?
The GDS trades at a deep discount continuously, so what are they getting paid to do?
They must laugh when that cheque rolls in...