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UPDATE-Brazil's oil company HRT ( HRP ) says to invest $457 mln -CFO
Fri Aug 10, 2012 8:22pm IST
SAO PAULO, Aug 10 (Reuters) - Brazilian oil company HRT
plans to spend $457 million to find oil and natural
gas in its prospects in the Brazilian Amazon and off the coast
of Namibia by the end of 2013, Chief Financial Officer Carlos
Tersandro told investors on a call on Friday.
The company also expects to complete the sale of part of its
Nambian exploration concessions by the end of the year, Chief
Executive Marcio Mello said.
The Rio de Janeiro-based company expects to start drilling
in Namibia in December or January when it will receive delivery
of a semi-submersible drill rig from Transocean Ltd., Mello
HRT is leasing the rig for $535,000 a day for 280 days.
Mello said its Namibian concessions could hold as much as 25
billion barrels of oil based on seismic studies of the area and
information from oil and gas seeps mapped in the ocean.
HRT shares rose 1 percent to 4.92 reais before noon Friday
on the BM&FBovespa stock exchange in Sao Paulo, while the
Bovespa index of the Sao Paulo stock exchange's most-traded
stocks was down 0.28 percent.