Replies to post #4563 on Petro Rio S.A. ADR fka HRPTY

[DrillaHill]

Hi lockout,

Hrt is looking for partners in Namibia to finance further exploration,
HRT owns 80% to 95% of 10 Blocks,
~50,000km² of acreage, ~10,000km2 are covered by 3D seismic,
several prospects in Orange and Walvis Basin are "Drill ready".

DeGolyer & MacNaughton’s report for the prospective resources of Namibia(pdf)

I expect HRT to farmout 30% to 40% per Block to finance drilling or/and more 3D seismic.

Currently the Management is negotiating to renew the exploration periods:



"Our goal is to reduce our stake and meanwhile we’re negotiating with the Namibian State-owned companies to have them with a participating interest in the assets and to extend the deadlines we have with the government of Namibia. At present, things seem to be unfolding quite well. The Namibian Government is interested in partnering with us, and also major international oil companies are turning their attention to Namibia."

, I expect Namcor to get 10% to 15% per Block in exchange for renewing all 10 licenses,

Last well "Welwitschia" in Namibia was drilled by Repsol, unfortunately a dry well, I think mirgration was an issue, however HRT and Galp with their Wingat well proved a working Petroleum System offshore Namibia with their Wingat well, a few months later Tullow O&G farmed into neighboring Blocks and I expect them to do a multi well drill program next year, as I have said before I believe Tullow might be interested in HRT's Blocks, and might be the ones HRT has already poposals from..

GL!

[Northsun0]

lockout:

I am glad to see that you have just become a member of IH as well as being a member of SH. I will let you decide which is the better forum. Please share with us your thoughts, questions and information you may have about HRT.