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Therefore, there will be no Meerkat drilling. Wasn't that MM's first pick ... not that it matters?
You guys are giving the Brazilians a whole lot of credit for being extremely industrious on a weekend.
Reviewing PR's and Material Facts on the HRT website, there have been only three releases on a weekend. Two PR's were about the spudding in Wingat and Murombe and the third one was the helicopter accident.
Excluding the helicopter one, no negative weekend PR's showing on the website to date.
So, do like the Brazilians, have some fun this weekend and party 'til Monday morning when work begins.
Thanks, Drill, for the info.
Does ships' positioning provide any insight?
Van, the thing is Polvo has not been acquired (it is under contract) as it needs to receive ANP approval and complete other contingency actions before the transaction can be "closed."
Ogo did the same thing on SH giving the impression that it had become a done deal; I wanted to call him on it. The helpfulness from Ogo has gone down hill in the last few months, seemingly around the time MM left HRT.
Ogo (and everyone else, too), please provide the published date when you next post an article written by the media. TIA.
Ogo, what is the date of this news article? April, May or September?
I just hope the Moosehead does not turn out to be Bullwinkle ... that is, nothing between the ears!
GLTA Longs.
Van, my comments were not specific to HRT, but more general based on my experience with several public-traded companies.
I agree how companies can effect timing of completed deals. However. as to manipulating the timing of announcements, there is always the possibility that the other party might walk, deciding the deal isn't worth waiting and waiting and waiting ...
As to HRT, I am not sure it has ever countered any bad news with good as there has been very few good PR's and none of any equivalent value to offset the bad ones.
Timing of PR is determined when a transaction is completed, as there is a specified time period when the news needs to be released; it is not a situation that the company can decide, "We'll hold the bad news for 3 days and release today's good news now."
If the company could control the news, it would be better to release positive news first to build a stronger base before the bad news comes out. If bad news were to be announced first, there is a weak base, with many unanswered questions, to handle the negativity (extreme selling with SP plunging) as the eventual good news is not known and those matters will be in doubt. When released later, the good news will be ignored for all intents and purposes. But ...
... if all the news is good, then who cares about order of PR's.
GLTA Longs!
Might this PR be the precursor of the next PR that states HRT is going to do Meerkat on its own?
Since Meerkat will not be drilled as deeply as the other three, the costs will be less and the funds received (and to be received) from these transactions might be the necessary capital to go it alone.
Nice to see some transactions are being finalized.
Tomas, I know HRT does not have the money for the investment of this approved plan. It is the lack of clarity in the PR with which I have an issue.
What is the status of Rosneft and PB? Is either one taking the lead on the project or is it HRT's to pull it together? What is the approved plan for the Amazon gas?
While it is a nice uptick this morning on the Bovespa, it would have been higher if there had been more clarity and transparency in the PR.
While it is good to see something out on the Amazon, there is a fly in the ointment with this PR. Why is HRT seeking partners? Why aren't those partners Rosneft and PB? Aren't those two the logical ones? If HRT needs additional funds via farm-out for its share, why not state the status of Rosneft and PB? Are they moving forward or not?
Having dealt with Brazilians before and not impressed with their honesty or straightforwardness (their unspoken motto: I win, you lose), this PR is, not surprising, lacking in specifics. I know Brazilians like to hear themselves talk (they'll use 50 words, whereas, American will use 15 and Canadians 10), and if they weren't so nebulous in the action plan, I'd think this is good news.
Unfortunately, it is too vague ... why are Rosneft and PB only mentioned in the committee as each approved a report? That doesn't mean either will do anything about it, i.e., ponying up the necessary funds for a LNG plant.
N.B. I am a Byron King fan, and I believe his research and analysis trumps my Brazilian skepticism. If that has been misplaced, time will tell and shame on me.
Good to see you here, bullionbaby. The air is fresher at iHub than at quality-challenged SH.
Volume is also picking up with over to 700,000 traded in the last 30-45 minutes.
If Star reimbursed JW for this, then it should ask him to resign. If he refuses, fire him. Then, fire the person who approved his expense reports that authorized the reimbursements.
If the expense reports were not approved, then fire PP and CFO for lack of internal controls and fiscal oversight.
Then, hire executives that can make Anatabloc sales move faster than the piddly percentages it is achieving now!
But, for now, we want HRT to find oil in the Orange Basin ... Walvis can wait.
There weren't any rallies in SP before Wingat or Murombe PR's.
Wingat announcement on Monday, May 20th.
Price at close on May 10th in São Paulo: R$4.60. It did not trade as high the following week and ended at R$3.28 on May 20th before the results were released that evening.
For Murombe, the closing price on July 11th was R$2.55. It hit R$2.65 on the 12th, but not again during the following week and closed at R$2.02 on Friday, the 19th, ahead of that day's PR.
I would not call those rallies ... unless you are a shorty.
[Information taken from Yahoo! Finance.]
I don't believe the article states that HRT can do this without PB; it only states that HRT is going to Goldman to find funding for its capital needs.
Like my Jack Russell terriers chasing vermin, HRT was hot and exciting out of the gate this AM. But once the chase was over, the dogs retired to a shady tree to watch the world go by and HRT did pretty much the same.
My guess is, early on, shorts wanted to cover to avoid weekend exposure, by bidding up prices to hit pre-set price targets of sellers. When no one jumped on the band wagon to take SP higher with added volume, they decided no good news is coming this weekend and retired to the sidelines.
GLTA and enjoy your weekend ... next week, let's get dirty (dogs) and gooey (HRT).
This is problematic for HRT and Rosneft. They need PB's participation in a NG pipeline or other infrastructure-like project in the Amazon. Rosneft is not willing to commit $1 billion plus to this project, considering its other options. PB needs to put a significant amount of money into the project but, if ANP limits its funding, this decision will not be helpful to HRT in the long run ...
It appears there is strong volume today with over 1.7 million traded in Brazil in the first hour or so. SP up some (~5%), too.
Investors buying so they don't miss any Moosehead success, either oil or gas.
Thanks, NJ.
Also, has anyone read where Patrick Cox has ended up, i.e., does he have a blog, posting on MB's, etc.? Let us know if someone does know.
NJ, please place this post (#13522) at the top of the page in the yellow box.
It will be an inspiration to all Anatabloc fans in o' so many ways.
The default notice is for R$ 62 million, not US dollars.
Disclose on the Balance Sheet is probably in the line "Advances to parners" (sic!), which shows ~ BR57 million. Since the dates the default covered isn't mentioned, the amount is probably the June 30 total.
I accept Franke's statement that it is an administrative matter due to the purchase of TNK by Rosneft and will be resolved soon.
Drilling at HRT's third test well is now underway, with results expected in mid-October, he added.
Is this another translation into English error or has something changed?
P.S. My apologies for the failed formatting in prior post.
Firm confident of major Namibia oil find [color=red][Posted by creditcrunch on Chariot's board.
][/I][color=red][/color][/color]
Published August 15, 2013
AFP
WINDHOEK (AFP) – Finding large quantities of oil in Namibia is only "a matter of time" the head of Brazilian oil firm HRT said on Thursday, playing down lacklustre initial drilling results.
The chief executive of HRT, Milton Franke, told AFP he was confident Namibia would become the latest in a string of major Africa crude producers, despite around a dozen exploratory wells largely coming up dry.
HRT discovered some oil in a Walvis Basin well off Namibia's Skeleton Coast earlier this year but not in commercial volumes.
"HRT believes that finding oil in Namibia is a matter of time. Both basins, Walvis and Orange, have good source rocks, in the oil generation window," he said.
Drilling at HRT's third test well is now underway, with results expected in mid-October, he added.
Franke said they had learned from experience in Brazil that patience is needed.
"We see that in Campos Basin the first commercial oil discovery came with the drilling of the ninth well. Today it is the largest producer of the country."
Similarly, in Brazil's Santos Basin around 50 wells were drilled before major energy discoveries, he said.
In Namibia offshore exploration began in the late 1960's and resulted in major gas finds, but so far no oil.
But there are high hopes that Namibia could replicate crude discoveries in neighbouring Angola to the north, Africa's second-biggest producer of crude, after Nigeria.
"There is much work to do in Namibian basins exploration. If it is not HRT that will come up with the first oil discovery, it will be another major or independent oil company."
The company operates 10 offshore blocks in Namibia and its exploratory drilling programme is worth around $200 million.
Franke became CEO in May, after serving as the firm's production director and working with Brazilian state-backed oil major Petrobras.
Other companies with exploration licenses in Namibia include Spain's Repsol and Petrobras.
Read more: hxxp://www.foxnews.com/world/2013/08/15/firm-confident-major-namibia-oil-find/#ixzz2c43ifZFQ
Van, that has been there for a few hours. It was done to prepare the site for the link when the PR is released.
Could be the gas deal is being finalized with last minute details ... or one could hope that is the reason for the delay.
Did I read somewhere that Prieto was resigning from some committees, too?
P.S. Given the hour in Brazil, HRT must be releasing PR in Hawai'i to meet August 13th release date. ;)
Is there any significance to this, given the earnings release today?
HRT_Header_27072012_VF
NEWS RELEASE
FISCAL COUNCIL SITTING MEMBER RESIGNATION
Rio de Janeiro, August 13, 2013 - HRT Participações em Petróleo S.A. (the "Company" or "HRT") (BM&FBOVESPA: HRTP3, TSX-V: HRP) hereby announces that Mr. Jaime Luiz Kalsing, sitting member of the Company's Fiscal Council, elected in the Company's Annual Shareholders' Meeting held on April 29, 2013, presented the Resignation Letter from his position as sitting member of the Fiscal Council of HRT to the CEO of the Company, Mr. Milton Romeu Franke,.
The Company also informs that Mr. Arnaldo José Vollet, Mr. Jaime Luiz Kalsing's alternate, had already presented its resignation to its position on July 19, 2013.
Click here for the News Release.
For additional information, please contact HRT's Investor Relations Department.
About HRT
HRT Participações holds one of the largest independent oil and gas exploration and production companies in Brazil. The HRT Group comprises eight main subsidiaries: IPEX (Integrated Petroleum Expertise Company Serviços em Petróleo Ltda.), HRT O&G Exploração e Produção de Petróleo Ltda., HRT Netherlands B.V., HRT África Petróleo S.A., HRT América Inc., Air Amazonia Serviços Aéreos Ltda. and HRT Canada Inc.. The Company retains a 55% interest in 19 exploratory blocks in the Solimões Basin. HRT also operates ten exploratory blocks off the Namibian coast: eight blocks in the Orange Sub-basin and two blocks in the Walvis Sub-basin. HRT's team includes PHDs and masters in geochemistry, geophysics, biology and engineering, most of them former employees of Petrobras and ANP (Brazil petroleum agency). HRT is committed to minimizing any possible environmental impacts in the sites where it acts. Our commitment to the local communities is towards health conditions, safety and quality of life. For more information, please visit the Company's website: www.hrt.com.br/ir
HRT Investor Relations
Ph: +55 21 2105-9700 | Fax: +55 21 2105-9713
Av. Atlântica 1130 | 10º andar | Copacabana | Rio de Janeiro | RJ | Zip: 22021-000
email: ri@hrt.com.br | website: www.hrt.com.br/ir
IR Contacts
Ricardo Bottas Dourado
ri@hrt.com.br
Sandra Calcado
sandra.calcado@hrt.com.br
Tainah Costa
tainah.costa@hrt.com.br
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If I recall correctly, Franke stated in an interview, two or three weeks ago, that an announcement would be made by or on August 13th in regards to the Amazon gas.
Of course, that announcement might be, "We are in ongoing discussions and are at a critical phase thereof ..."
GLTA and Congrats to Van on his purchase and respective confidence in HRT.
With no Moosehead spud bump in SP, there appears to be some negative factors that are causing the downdraft.
Is SP depression due to the lack of a farm-out for the 4th well with the notification date very near to keep the rig? Has the gas monetization deal with PBR and Rosneft fallen through? Is Polvo deal not going to happen?
We might hear about this on Tuesday/Wednesday, but if any of these events are known now, a PR should be issued immediately.
Good to hear from you, Ogo.
As a "BK Picks" group member, I'd appreciate reading your write-up from the Symposium. Is it possible Double D or Grover could post to the group site on SH, if you can't send it any other way?
Thanks in advance.
Remember Sierra stated that Star was going to receive $1 billion (or thereabouts) in the Reynolds settlement. It was only off by 99% plus.
First, Galp only has a 14% interest, not 15.
Second, HRT never stated that Moosehead could yield 30 Billion. I believe their highest estimate was 5.5 to 6 Billion. It was smaller than Murombe's estimate.
AOS used the 30 Billion figure and no one has commented as to where that figure came from, even after the question was raised last 7-10 days ago. It might be that the Orange Basin has an estimate of 30 Billion and that was the reference, but there was some confusion on the part of the speaker or reporter and it was reported as Moosehead had that much.
So, the decision on the 4th well needs to be made in the 2-3 weeks during the transporting of the rig to Moosehead and the respective set-up to drill.
So, why isn't Galp interested in Meerkat? Or, did HRT over-play its hand, planning to ask a higher % of the drilling costs of Meerkat after a drilling success up north?
Thanks, Van, for "sticking" the real-time quotes above.
Thanks, Van, for posting the original article in its entirety, which was published on May 15, 2013.
On SH, Grover posted it with no date of publication, giving the impression it was recent. Additionally, he excluded the last ¶ in which Joe Paul addresses the Wingat prospects. That would provide us with the date of this article.
Van, will you make Post #925 a sticky note, up on top of the first page? I'm sure many, as will I, be very appreciative.
Thanks.
Below is a link to a clarification letter HRT sent to Bovespa regarding a newspaper article written about this week's announcement.
Headline erroneously states, "... June 23 ..." when it s/b July 23. This appears to be poor translation as the Portuguese release has the correct date.
http://ir.hrt.com.br/hrt/web/conteudo_en.asp?idioma=1&tipo=32124&conta=44&id=177633
THe web site still shows the earnings release to be August 13 with CC on the 14th.
As to the AOS interview, what is the 30 billion field for Moosehead? Has that ever been stated by an HRT official? Is this mis-stated and s/b 3 billion?