Petro Rio S.A. ADR fka HRPTY

[ooleum]

Well Moosehead is the well in HRT's drilling campaign that is closest to an existing HC reservoir (Kudu field); if I were to expect one well to succeed it would be this one.

I'm going to play devils advocate here, and share my thoughts preparing for the worst...non-commercial
I wont be topping up prior to results, but if Moosehead fails then I will be topping up if it goes sub 0.15-0.2CAD

Reasons:
1) Apparent approaches/interest already on a 2nd (Wingat) drilling campaign
2) At the end of Q2 they had ~R800 in the bank. Even with Moosehead cash burn, (air Amazonia should negate this) they will be trading waaaay under cash. Correct me if I'm wrong??
3) Most importantly, Polvo field. If Mello hadn't got that I would definately reconsider. They might try the long game...use a bit of cash to develop a producing asset...whilst getting free carries in Namibia?
4) HRT-7 and HRT-8 were the largest onshore gas finds in Brazil. If gas has been exported before I find it hard to believe that a record sized find can't or won't be commercialised

Of course I'm keeping them crossed for Moosehead to come in

Ooleum