PotentialCash/share (12/31/13) 75% higher than current SharePrice
PotentialCash/share (12/31/13) > R$2.17/share is 75% higher than current SharePrice R$1.24:
+ > R$225 (R$0.76/share) potential restricted cash to be released in 4Q13
+ R$365 (R$1.23/share) non restricted final cash 2Q13
+ R$54 (R$0.18/share) received cash from sale AA (09/03/13)
- R$138 (R$0.46/share) forecasted CBR 3Q13 R$1.5/d * 92d
- R$110 (R$0.37/share) forecasted CBR 4Q14 R$1.2/d * 92d
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= R$396 (R$1.33/ share)
+ R$118 (R$0.40/share) from the sale of drilling rigs up to US$50
+ R$68 (R$0.23/share) from the sale of remaining AA up to US$30
+ R$62 (R$0.21/share) pending cash calls from Rosneft
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= R$582 (R$2.17/share)
+ revenues from farmouts & sale of IPEX
And at the same time Assets should not be worth ZERO?!
bought 60% Polvo for R$1/share ($135 Million Dollars)
will be interesting to see how much we have produced already, since the deal will be
retroactive to January 1st, 2013 and the results from the field since then will be
used to adjust their purchase price.
sold 45% of Solimoes Blocks for R$7.66/share (One Billion Dollars)
HRT still has 55%, put & call option next year will force Rosneft to buy another 10%, if it will be the same price that would be
R$1.7/share (US$222MM) for 10%(1bn/ 45 * 10 * 2.27 / 297shares)
HRT still has 86% in Namibia, farmout potential up to R$4.67/share (0.76/14*86)
sold 14% of Namibian Blocks for R$0.76/share (100 Million Dollars) to Galp
HRT is already in negotiations with several companies, expect an even bigger deal for Walvis Basin where HRT has found light oil, not yet in commercial volumes.
GLA!
