Replies to post #5245 on Petro Rio S.A. ADR fka HRPTY

[DrillaHill]

Shell paid US$49 million to acquire those licenses,
www.proactiveinvestors.co.uk/companies/news/56350/polo-resources-pockets-228mln-from-signet-block-sale-66511.html
(US$22.8m/42*90=US$48.86m)



just to clarify, this is old news from eary 2014,
www.economist.com.na/headlines/6555-shell-positions-for-oil-revival
"Earlier in 2014, Shell Namibia Upstream BV (Shell) acquired a 90% controlling interest
in Petroleum Exploration License 39 (PEL 39) located offshore Namibia"

but it is a perfect example to demonstrate the potential value of PetroRio's Blocks in Namibia, who owns 5 times as much acreage as Shell does, however PetroRio is still awaiting the Namibian government to extend the term of their Namibian licenses,

"On November 10, 2014 the Company requested the Namibian government to extend the term of the concessions on the coast of Africa.
Negotiations comprised the return/abandonment of all Petroleum Exploration Licenses 22, 23, 24 and 28 and at the same time the return of the
same, thus performing a "re-application" of said licenses."

if the Namibian government finally renews the licenses, then PetroRio can continue it's farmdown process to finance future exploration, the most likely next target would be the Meerkat prospect with 2 Billions boe of prospective pmean resources. (Block 2815)

atb