Replies to post #5174 on Petro Rio S.A. ADR fka HRPTY

[DrillaHill]

In 2012 45% of all blocks in Solimoes were farmed out to TNK-BP who paid One Billion Dollars to acquire them.
Solimoes - One Billion Dollar Deal
In 2013 TNK-BP was acquired by Rosneft for US$55bn.
Rosneft takes over TNK-BP in 55 Billion Dollar Deal
In 2014 another 6% of all blocks in Solimoes were farmed out to Rosneft who paid US$ 96 Million for the 6%, 4 rigs and cash calls.
(Note: US$ 24 Million are still pending)
Solimoes - 96 Million Dollar Deal
Also in 2014 PetroRio (HRT), Rosneft Brasil and Petrobras signed a Memorandum of Understanding (“MoU”) for the second
phase of the gas monetization project, in connection with the establishment of cooperation regarding the review of the development systems to monetize the gas in the areas under concession of Petrobras and HRT O&G/Rosneft Brasil in the Solimões Sedimentary Basin, in Amazônia.
SIGNING OF MOU FOR THE GAS MONETIZATION IN SOLIMÕES WITH PETROBRAS AND ROSNEFT

The Blocks in Solimoes cover an area of more than 40,000km² (size of Denmark), only 11 wells have been drilled so far,
there are still a lot of room to be explored..
D&M:

DeGolyer & MacNaughton’s report for the prospective resources of the Solimões Basin (pdf, 2014)
DeGolyer & MacNaughton’s report for the contigent resources of the Solimões Basin (pdf, 2014)

GLA