HRT Plans to Drill 65 Wells by End-2014

RIO DE JANEIRO (Dow Jones Newswires), Aug. 12, 2011

Brazilian oil and gas company HRT Participacoes em Petroleo, plans to drill 65 exploration wells and develop production at 52 wells by the end of 2014 in a $3.14 billion expenditure program, the company said Friday.

HRT is drilling its first wells in Brazil's Solimoes Basin and in Namibia this year, chief executive Marcio Rocha Mello told analysts on a conference call. The company's net potential resources at the two sites were recently announced at a total of 7.9 billion barrels of oil equivalent.

HRT has a cash position of 2.2 billion Brazilian reais ($1.37 billion) to finance its development program, the executive said.

"We have a queue of people knocking on our door to join the Namibia project," he said.

Copyright (c) 2011 Dow Jones & Company, Inc.

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