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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?
Van:
If HRT has cut back on the depth of Moosehead to 4,100m, will they hit the top of Moosehead, which appears to be deeper (yellow line) than 4,100m per slide #25 in the April 2012 presentation?
In fact, why is the depth being reduced?
Thanks.
There is an argument that the increase in the price of crude since the Egyptian revolution went back to the streets has given Petrobras and Rosneft enough additional and unexpected cash that either one of them could build the pipeline, if the government approves.
THe question is will Dilma allow it, given the current purchases from Bolivia are so important to Evo and his socialist government. Losing that revenue might cause him irreparable harm and possibly cause a change in leadership there.
Will Dilma look at Brazil's best interest first or Bolivia's? She can use many different (and mostly, lame) excuses to not approve the pipeline if the latter scenario is her aim.
I think the new Bosses @ HRT told MM that he could not attend as they fear that his verbosity might let slip, i.e., leak, PR details that are not to be revealed, yet.
They may have had the foresight to make that part of his "platinum" parachute.
So, Van, are you implying that Goldman was seeking to separate stop loss sellers from their shares? They would never do anything that underhanded!
Looks like John Paul got Gunnar's attention.
Joe Paul @HRT_JP 17h
Reply to @Gunnar_51 @Helioschariot HRT contractors subject to Tight Hole Policy. Murombe talk could mean job loss plus legal action...
Expand
Gunnar Alvestad @Gunnar_51 3m
@HRT_JP sorry, understand. No more conversation regarding this issue will be made from my side.
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7:11 AM - 17 Jul 13 · Details
THis is very good news, even though no PR was released. Now, HRT can focus on Polvo, Namibia and the gas deal. Libra is a no win for everybody but Petrobras.
Excuse the error in prior message, but it should read:
"... the Brazilian government wants 75% of the profits ..."
Recently, folks have written about the increases interest in Namibia by the majors. See news piece below that states the government wants 75% of the profits, regardless of whether it is direct from Petrobras pockets or from royalties et al charged to other oil companies.
Maybe the majors are fed up with Dilma and her entourage of sycophants and have decided that their focus should be Namibia. To me, the risk (dry hole, blow-outs, weather dangers, government seizure) in Brazil off-shore far outweighs any reward, even if you hit a huge reservoir.
Brazil's ANP Sees Million Barrel Per Day Oil Output at Libra
Last update: 7/12/2013 12:21:40 PM
By Paul Kiernan
RIO DE JANEIRO--Studies by Brazil's National Petroleum Agency, or ANP, show that peak output at the nation's offshore Libra oil site should reach one million barrels of oil per day, ANP General-director Magda Chambriard said at a news conference Friday.
Current average production of oil in Brazil is just below two million barrels per day.
Ms. Chambriard on Friday reaffirmed the main characteristics of an auction of oil development sites at Libra. The auction is set for October 21 in Rio de Janeiro. It will be the first auction of oil development sites in the so-called pre-salt region, an offshore area featuring ultradeep oil reserves.
The auction of Libra sites will be based on new rules that assure greater participation by state-run oil giant Petrobras (PBR, PETR4.BR) than at previous auctions, all of which covered sites outside of the pre-salt region.
Ms. Chambriard repeated recent assertions by other Brazilian officials indicating that the Brazilian government expects to collect about 75% of all the eventual profits from development of Libra, and other pre-salt sites to be auctioned in the future.
Brazil's government will collect signing bonuses from companies winning the sites as well as royalties for the oil drilled at the sites. The government will also collect taxes on company operations and profits from Petrobras.
Brazilian President Dilma Rousseff has called for all government revenues from the pre-salt region to be used for public education and health. Brazil's Congress is likely to pass legislation to that effect next week.
Ms. Chambriard noted that concessions for the Libra sites will run for 35 years and will not be renewable. "The 35-year concession is intended to guarantee that development occurs at the pace Brazil needs," she said.
She said that only oil companies will be allowed to bid at the October 21 auction. She said bidding consortiums will be limited to five companies each.
Ms. Chambriard also commented on problems faced at another offshore site by troubled Brazilian company OGX (OGXPY, OGXP3.BR).
Earlier this month, private oil and gas developer OGX, controlled by billionaire Eike Batista, said it was weighing whether to shut down an offshore field called Tubarao Azul early in 2014. The field is not located within the pre-salt region.
Ms. Chambriard said the ANP could insist that OGX relinquish its concession to Tubraro Azul in the event it shuts down the field. Under terms of government concessions, concession-holders must invest to develop the sites they win.
"The ANP itself is studying the commercial viability of the Tubraro Azul site," said Ms. Chambriard. "If it's viable, then OGX will have to submit a new investment plan."
Write to Paul Kiernan at paul.kiernan@dowjones.com
(END) Dow Jones Newswires
July 12, 2013 12:21 ET (16:21 GMT)
Please remember that 1 share on the NA exchanges is the equivalent of .5 of one Brazilian share. Thus, when valuing potential SP in US$ or C$, the denominator needs to be roughly 600 million, not the Brazilian 300 million.
Therefore, the gas deal, using your numbers, would raise SP to US$1.375 (825/600).
I noticed that the Chart section on this link provides a more current SP than the quote section, e.g., when the quote section had a HOD of 2.55 about 15 minutes ago, the chart showed 2.58, where it is now in the quote section.
You can obtain the more current chart by clicking on the "5M" mark below the chart on either tab.
It is called the Institutional Presentation, not Instructional.
When the presentation was put together, they must have decided that going to the Sivaradi was possible and probable.
Thinking about the daily drilling rate and when drilling will be completed, I recall the statement in the PR about the Board meeting and the approval of a Special Committee:
"... reviewed the ongoing drilling program in Namibia where
the Murombe well is drilling ahead of schedule and below cost estimates. The well
should finish drilling in early August ..."
With the drilling being ahead of schedule and below budget, I think they are planning to go farther down to the 5,600/5,700m mark to the Sivaradi prospect as HRT did when it drilled below the intended depth in Wingat. That would explain the finished drilling date of early August.
Regardless of how many times I hit refresh, the clock above the quote is still 15 minutes, at a minimum, behind the current time.
THe eSignal link is better since it provides the usual quote details re: open, high, low, volume, bid, ask, etc.
http://quotes.esignal.com/esignalprod/quote.action?s=HRTP3-BSP&type=Stock&fromSearch=true
FYI - The link shows the following as of this morning before the opening:
"The prices will be available 15 minutes after the trading session opening."
Was part of the reason for the quick drill time due to the fact the company did not find any hydrocarbons, which meant no analysis needed, at a minimum?
Bovespa is closed due to a regional holiday for São Paulo.
Thanks, Van, for getting a response from IR on this point. Everyone appreciates your work and diligence.
I'm glad you accept criticism with such maturity.
Also, in case you missed it, here is the link to eSignal and HRT's quote on the Bovespa. That is the one to watch. It is quicker than Yahoo! Finance's quote.
http://quotes.esignal.com/esignalprod/quote.action?s=HRTP3-BSP&type=Stock&fromSearch=true
This is a catch-up from U.S. markets being closed yesterday. Only 10,000 shares traded since then.
Request to you - Post something that is enlightening or helpful to other and not this dribble that everyone else sees, too.
Thank you, Ooleum. I thought if the average at Wingat, which had minimal, if any, casing, was 72m/day, then the Murombe site would be less if they were putting casing down as they drilled.
Ooleum, wouldn't the fact that the team is placing pipe down the hole, reduce the average drill rate per day? 5% reduction? 10%?
Sir, if I may:
day 32....the 3rd of July ... today (not June).
Agree with you, Van.
Here is a link to the Bovespa quotes for HRT, it is a few minutes faster than Yahoo!:
http://quotes.esignal.com/esignalprod/quote.action?s=HRTP3-BSP&type=Stock&fromSearch=true
WF, you make several good points regarding the coup in April and its impact. Overall, on the non-operating field side, this was not a highly competent or professional group, probably due to MM's oversized ego overwhelming many of them (remember each one had a job due to him). The new executives are now bringing those abilities to HRT with new folks who are not beholding to MM.
Under their watchful eye, I think they will bring Polvo and Amazon gas deals to successful conclusions. [Under MM, one or both might not have happened.] The hedgies, however, are in this for Namibia and the chance of a 50-100 bagger.
If HRT were to be only a Brazilian play with, they probably want to be elsewhere. So, the best chance to obtain a profit on their investments is to package the Brazilian assets and sell should Namibia come up dry. The sell concept is probably one of the contingencies (along with securing funding for the drilling program in Namibia) that is on Mr. O'Brien's project list.
With the completion of the Brazil deals, the realized SP should be much higher than it is now.
THis explains why the Special Committee needs to have its proposals ready by the end of July.
IMO - THe Board realizes there are limitations to the financial and administrative capabilities of the HRT staff and that to get some things done, it needs to involve Board members with the needed aptitude and experience in the particular area. Thus, Peter O'Brien was selected as lead dog for this work.
Here is the reply from IR with emphasis added. The special committee might have been requested by the hedgies.
Thanks for your email.
Our news release was certainly short but it was management´s understanding that it would be self-explanatory because some of the decisions made were inside shareholders requests. In addition, some of the changes introduced in our Solimões work plan, for example, were already discussed during the last quarterly report.
Best regards,
Sandra Silva Calcado
Gerente de Relações com Investidores
Investor Relations Manager
e
Av. Atlântica, 1130 - 10o andar
Copacabana - Rio de Janeiro - Brasil
hrt.com.br
e
tel +55 (21) 2105-9700
"Este e-mail e quaisquer documentos anexos são destinados somente ás pessoas acima, podendo conter informações confidencias e/ou legalmente privilegiadas. Sendo sua divulgação, distribuição ou cópia estritamente proibida. Se tiver recebido este e-mail e anexo(s) por engano, agradecemos a comunicação imediata através do e-mail support@hrt.com.br e a exclusão permanente do original e de qualquer cópia/impressão que tenha sido realizada."??
"This e-mail, any attachment(s) hereto, is intended only for use by the address(es) named herein and may contain legally privileged and/or confidential information. Disclosure, distribution or copying of this e-mail, and any attachment(s) hereto, is strictly prohibited. If you received this e-mail in error, please immediately notify us at e-mail support@hrt.com.br and permanently delete the original and copy of this and printout thereof."
Sent to IR today though I'm not sure they will be respond as IR hasn't recently done so.
It appears that HRT is again being opaque with its PR's and not transparent as it has claimed it would be. Why not release a more detailed PR that deals with the company's current situation as opposed to the nebulous PR of yesterday? Shareholders should know what is going on after last week's BOD meeting. Everyone should be as informed as everyone else.
Speculation - Rosneft probably said, "We are doing the Rosneft way from now on and we are going to focus on making money on the in-hand gas assets and we aren't putting any more money into drilling until we are or we are going shut this project down and to leave you high and dry."
To which, HRT, Petrobras, and Dilma said a collective "Ouch!" That is why HRT needs some cash now ... to fund its share of the pipeline's costs. If that is so, HRT might be unwilling or unable to sign any gas monetization agreement until it has a solid commitment for the funds.
Thank you for your thoughts, Mr. VanWilder. The cash search to fund positive news/developments would make this company a more viable player whether in Brazil and/or Namibia.
Monday might be a day of "BEEG" ups with occasionally drops here and there..
Too bad for the Canadians as Canada Day closes the exchange on Monday.
So, Mr. VanWilder, what do you think it means?
1) Is the gas monetization agreement going to require HRT to invest $200-300 million into the pipeline, which is the reason for the urgency of July 31st?
2) Is drilling in Namibia such that there's no oil in Baobab?
3) Has Credit Suisse backed out of the Polvo financing? Have they determined Polvo does not provided the cash cushion they expected when the deal was agreed upon?
4) Did Rosneft inform HRT that it won't exercise the option to buy the 10% of the Amazon subsidiary that HRT expects to happen next year? Or make any "performance bonuses" based on current Amazon situation?
5) Has HRT determined that there are no more farm-ins from third parties likely with interest rates rising?
I think, and hope, it is the first as it seems the most critically urgent of the projects. If so, it means there is a real possibility that this agreement with PBR and Brasilia will come together, even if everyone needs to share in the capital costs.
Some clarification, i.e., transparency, from HRT would be appreciated come Monday morning.
I followed Patrick since he first spoke of BTX and Thorium/Lightbridge (still waiting on that one). Hopefully, we read about his blog, which he has to start soon, and we can follow his thoughts on investing in breakthrough technologies that way.
Besides STSI, Patrick Cox writes most about Bio-Time and Dr. West. He is in the plus on BTX as he recommended it in sub-dollar range.