Petro Rio S.A. ADR fka HRPTY

[Bob322]

A few observations on the CC.
1. Fewer players on the call.
2. No splash in the plan - it sounded like HRT will play not to lose.
3. Further reduction in the burn rate.
4. On Amazonia, no easy answers. Per Wikipedia, PB pays Bolivia something like $3.60 (US) at the wellhead. We have 45%-55% of natural gas that will flow 4,465,000 cubic meters/day, which I believe is about 157,680,000 cubic feet/day. Perhaps Drilla can help us with some numbers.
5. CS will be paid back real fast - it looks like two years are less. On that basis, free cash flow from Polvo must be more positive that we had previously speculated.
6. Some minor questions about international accounting standards.
7. Discussion about borrowing money for Polvo P1 and P2 wells starting 3rd or 4th quarters 2014.
8. Commitment for drilling one well in each of the undeveloped Amazonia blocks.
9. New assumptions on potential BOEs off Namibia. Perhaps Van can amplify on that.
10. No discussion on offshore geology.
11. Major changes in costs. "Reinventing" HRT could be fluff, but the presentation materials and discussion were more in line with an operating exploration company.

A question to the group.
1. Who listened?
2. Did anyone ask a question?
3. Will anyone buy more?

GLTA