Petro Rio S.A. ADR fka HRPTY

[goldcanyon341]

SAO PAULO - HRT (HRTP3)


HRT does not seem to be living their best days. After falling more than 17% in the previous trading session, to announce another dry well in Namibia, the company faced new shares fall on Wednesday (11). HRTP3 assets fell 6.25%, quoted at R $ 1.20. For the week, the fall reaches 25%

The company has faced turbulent days. At the end of last month, before the release of the drywell, members of the board of directors of the oil company scrapped 955,500 common shares in the period between 23 and 26 August, while the board sold 60 thousand shares on the 26th, bringing even greater pessimism about the value of business grants in Namibia.

After the release of the well is dry Moosehead-1, the company announced plans to reduce expenses and maintain cash flow in 2014. In the report, the team Itaú BBA looks that the company may have trouble selling assets basin exploration over a dry well.

The aim of the operation was to test the prospect Moosehead, located in Petroleum Exploration License 24 (PEL-24), in the Orange Basin, so check the carbonate reservoirs, which are taken as equivalent to the pre-salt reservoirs of Brazil and Angola .

According to analysts point seems feasible to say that no one was pricing these farms, but even so, the fact contributes negatively to the role. The bank reiterated underperform recommendation (below average performance of the market) for the asset HRTP3, possessing target price of R $ 3.00.

See article here

http://translate.google.com/translate?hl=en&sl=pt&u=http://dinheiro.br.msn.com/mercado/entre-po%25C3%25A7o-seco-e-plano-para-corte-de-gastos-a%25C3%25A7%25C3%25A3o-da-hrt-tem-mais-um-dia-de-queda&prev=/search%3Fq%3Dbtg%2Bhrt%26biw%3D1344%26bih%3D677%26tbs%3Dqdr:d