Petro Rio S.A. ADR fka HRPTY

[DrillaHill]

As of the 4Q14 financial results announced two weeks ago,
management continues to pursue the renewal of licenses in Namibia,
4Q14 financial results (pdf, p.53)
and it looks like MME is likely to approve the renewals,
Namibian Petroleum Commissioner Immanuel Mulunga said in an interview this week:
www.southerntimesafrica.com/articles/10950/Oil-exploration-empowers-many-/#.VS4fjLWJhMs
Recent media reports indicate that the Brazilian oil and gas company, High Resolution Technology (HRT) may withdraw from Namibia after hopes of finding oil started waning, but Mulunga said that he was still hopeful that oil would be found in Namibia, maintaining that it was a long process requiring patience.
He said that HRT invested an extraordinary amount of N$1.5 billion and it would be regrettable for them to pull out if what has been reported is true.
However, he said since HRT has never communicated with the Ministry of Mines and Energy that they have problems, he would regard the news as mere rumours.

GLA