Petro Rio S.A. ADR fka HRPTY

[VanWilder]

Lots happening with HRT. (from Chariot board)

Latest quote from Marcio Mello who is currently in Namibia (probably the Oil and Gas conference) indicates they are looking for partners. Meerkat the most likely target.

Story courtesy of bosslady/Northsun on Stockhouse

http://mobile.bloomberg.com/news/2014-04-15/hrt-founder-seeks-partners-to-explore-for-oil-in-namibian-blocks.html

Worth noting the following too:

1. They have previously mentioned that they have sufficient money for two further drills but would rather farm and preserve some cash. They aim to drill this year (see stockhouse for details)

2. HRT recently released their latest Degolyer and MacNaughton report which indicates they have 61 prospects offshore Namibia, the largest being Meerkat.

Gross prospective oil resources - 15.06 billion (mean estimate)
Gross prospective raw natural gas resources - 55 tcf (mean estimate)

http://ir.hrt.com.br/hrt/web/download_arquivos.asp?id_arquivo=CD2AB156-151C-4452-8B67-

3. They have two large share holders, Discovery (no longer) and JG Petrochem. A trade went through at the start of the week for around 38 million at a premium to the trading price with JP Morgan, Citi, Goldman Sachs and Merrill Lynch brokerages picking up millions along the way.

HRT have been manipulated for months, with high volume going through on the Bovespa but no change to the share price. I think we may know a little more from them today or tomorrow.

I get the feeling the TRP drill is only the first drill offshore Namibia this year