Jan. 9, 2014, 12:31 PM
- Brazil's HRT Participacoes em Petroleo (HRTPY, HRTPF) says it has completed its purchase of a stake in an offshore oil field from BP, transforming it from an exploration company into an oil producer.
- HRT paid $135M for a 60% stake in the Polvo offshore oil field in a deal that was first announced in May 2013 and approved by Brazilian regulators last month.
- Polvo currently produces ~12K bbl/day of heavy crude that should provide a steady stream of revenue for HRT, which has seen investors bail out of shares amid a series of management shakeups and failures at several prospects off the coast of Namibia.
Jul. 22, 2013, 11:53 AM
Shares of Brazil's HRT Participacoes em Petroleo (HRTPY.PK -25%) plunge after its Murombe-1 well, the second in its current exploration campaign offshore Namibia, comes up dry. HRT will move the Transocean Marianas rig south to drill the Moosehead Prospect, the third and likely the last well for HRT in Namibia. UBS cuts shares to Sell from Neutral.| Jul. 22, 2013, 11:53 AM
May 13, 2013, 10:51 AM