Dominating the MARKET !!!!!!!!!
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Namibia still holds tremendous potential for HRT. With the majors scooping up acreage fairly steadily......I think the potential for major gains still exist.
Tower heading toward the seabed any day now.
I don't believe it to be that bleak.....but clearly the trend lately is not favorable. I don't believe JG and private equity will ignore the value here much longer.
That is my take......
FYI - 41.2M shares traded yesterday at $.99 Brazil. That equates to a $.221 share price on the HRTPY US shares.
Today's price is $.1751 or 21% lower than that Volume trade price.
Just toss them out....per the PR today, they are re-sending another round. or at least that is my understanding.
I WISH this corporate drama would stop
Nice find !!!
At least Mello is publicly saying "we want a partner".....not the company is going to be sold, or is having internal turmoil.
Secondly, the sell off today with HRT was across the board with Bovespa stocks......so not isolated to HRT.
Plus volume was decent, but not 48M like the day before....more like 6M
Big Public Statement in Brazil - Link
http://mobile.bloomberg.com/news/2014-04-15/hrt-founder-seeks-partners-to-explore-for-oil-in-namibian-blocks.html
HRT Founder Seeks Partners to Explore for Oil in Namibian Blocks
By Felix Njini
April 15, 2014 6:01 PM EDT
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HRT Participacoes em Petroleo SA, the Brazilian oil explorer that failed to find commercially viable deposits in Namibia, is looking for partners to continue exploration in the southern African nation.
HRT, which has 10 exploration blocks in Namibia, made a sub-commercial discovery when drilling to 5,700 meters at Wingat-1 after failing to find crude at two other wells. That has cost the Rio de Janeiro-based company more than $300 million, said Marcio Mello, a geologist who founded HRT in 2008.
“We are looking for potential partners to carry out exploration with us,” Mello said yesterday in an interview in Windhoek, Namibia’s capital. “HRT has spent a lot of money in Namibia on the three wells and now is the time to de-risk.”
Namibia has attracted attention from the world’s biggest oil companies even after at least 18 wells failed to find commercial deposits of crude. Explorers such as BP Plc (BP/) and Chariot Oil & Gas (CHAR) Ltd. have snapped up assets on a bet that the nation’s coastal shelf may mirror that of Brazil across the Atlantic, while Royal Dutch Shell Plc (RDSA) announced in February it was taking over two exploration blocks in the Orange Basin.
HRT wants to find a partner before it drills its Meerkat-1 well next year, said Mello, adding that Wingat-1 shows there is oil in Namibia.
Excellent Prospect
“Now is the time drill, but we will have to do it with partners,” Mello said. Meerkat-1 “is an excellent prospect. The challenge is linking source rock to reservoir,” he said.
HRT believes there are similar petroleum systems in Namibia to those of Brazil’s Cuanza, Campos and Santos Basins, he said.
HRT raised $1.5 billion through a 2010 share sale and said its acreage in the Amazon could hold “super giant” deposits of light oil, helping the company’s market value surge to 10.1 billion reais ($4.5 billion) on March 17, 2011. Instead, it found natural gas, which is more expensive to transport and worth less than oil, and the company’s stock has slumped.
To contact the reporter on this story: Felix Njini in Windhoek at fnjini@bloomberg.net
To contact the editors responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net Dylan Griffiths, Dulue Mbachu
Terrible action the past 2 days......but worse with PVG. You guys waiting for a decent Dip are looking really smart......and may see an insane opportunity in the next few days, but I find a sub $5.00 price very unlikely.......who knows.
Nice call on the patience. I am happy to get more down here as well, but the war-chest is running low.
Good luck
Van
From Brazil Article Today:
5 bombrilTotal posts : 28217 ( 03/11/2006 )
14/04/2014 at 15:53 ??Oil, gas and mining
HRT : the saga never ends
An auction on the BM & F Bovespa morning , were traded about 20 % of the capital of HRT , the company founded by Marcio Mello ever found commercially viable oil.
It is suspected in the market that the U.S. fund Discovery Capital , which grew to 18 % of the company have sold everything and left the boat.
The only other investor with similar number of shares is businessman Nelson Tanure , has about 19 ??% of the company and now controls the HRT actually .
Given the size of the lot traded today , a public announcement should emerge in the coming hours .
The big question now is, who was the buyer? Tanure If you have purchased the lot , will have reached 20% of capital of the company , by statute , require you to make a public offer for the remaining shares of the company.
By Geraldo Samor
$1.00 Brl / 2 = $.50
$.50 x .4511 exchange rate = $.2255 should be the price in US
17% discount on Pinks HRTPY right now.....I'm buying
JG going hostile ????!?!?! Perhaps Goldman getting back into the game.
42.3M shares on Bovespa = 14% of the company.
Brazil, somebody loading HUGE at $.99
I would rather HRT retain the Cash machine POLVO. A $10-$20M gain is great in the short term with a sale, but longer term we can make that amount up in a couple years of operating.
JG hunting for the Maersk portion.....
Tower / repsol well in namibia to begin this week. Free Look !!!!!
I bought 3K more today. I like the $6.20 range.
Great summary post as well !!! I hope they retain some percentage in Namibia however.....the future is bright !!!!!!!!!
Great post !!!!!!
This is good news for VIT, and a strong trend with private equity
http://www.mineweb.com/mineweb/content/en/mineweb-mining-finance-investment-old?oid=236514&sn=Detail
I will be buying more later in the week. Cheers.
Ot: chariot has big news coming soon
I understand and agree with your proposals and shareholder activism in principle, but I don't like the ongoing struggles and headlines you are creating with HRT on a daily basis.
It may present buying opportunities for others, but the reality is we want Cohesive leadership, No more drama, and elections that are final upon completion.
I will leave it alone, but at this point I am fairly certain the efforts are counter productive to the share price and company.
I have no problem with you getting your ducks in a row and ready for the next election / shareholders meeting.......but asking for the past election to be nullified is not productive in my mind.
Just my opinion, and I realize you are looking out for your investment in the way you see fit.
Van
Chariot looks to be a great place for the next 12 months......lot's of upside, nearly zero downside from these levels.
OT: Drilla..make sure you radar PVG....cheap currently....worth $12+ on any day of the week. Best gold & silver project on the planet.
Okay, I am just trying to figure out how the cash call numbers relate to the recent Rosneft PR.
How much of the $96M is allocated to cash calls......or is that $96M number ONLY for the Solimoes 6% and Rigs ????
Makes a BIG difference in CASH balance, and how cheap we are trading related to Enterprise Value......which has to be close to Zero.....due to cash holdings, and zero debt !!!
Or they get a Hostile offer at $11.00. Stink bids are fine......but the point is, this can double at any point.
"It's the Best Gold project remaining in the WORLD." Pretty good marketing tool.
I got a couple thousand extra today, just to play it safe :)
Van
Added 20K more this Am.
Big Regional News !!!
OIL refinery being built in Walvis Bay Namibia !!
http://www.helioschariot.com/2014/03/25/namibia-and-nigeria-to-build-oil-refinery-in-walvis-bay-namibia/
buying 25K more this am....partial at .208........if anybody wants to sell another 20K
Will add some more this week. Quiet and cheap.......my favorite times to build core positions.
Van
I read you......just happy to get some more cheaper than $6.00. If it pulls back to the low $5's, I'll pile on a ton more.
Long PVG
Van
This post by Rzbern in December makes things even more confusing related to the cash calls..
rzbern Thursday, 12/19/13 05:24:28 AM
Re: VanWilder post# 2227
Post # of 2973
Van, I forgot to comment on another important point. All cash calls due by Rosneft HRT were settled, of which R$ 35.8 million in October and R$ 86.5 million in November and these R$ 122.3 million will in the 4T13 report. Polvo will be drilled in the second half of 2014 in their 2P reserves.
You're correct. Looked at it again......and the cash included cash calls. I wonder how much was outstanding for 2013.
I hate how it is never clear with hrt and numbers.
I bought more today...$5.90..could go lower. Cheap to me.
Great Info BVE. Thank you for the post. Agreed on the BWO deal, cutting costs and getting the bulk of HRT's money back is their motivator.
Van
Interesting, I took the PR to mean the $95M was ONLY related to the 6% and Rigs.......it is insane if they left it that ambiguous.
The 4th Qtr. call will at least give us a clean look back at where HRT ended 2013.
1 week from today.
This has 3-4X potential written all over it !!!