HRT Participacoes signs farm-out agreement with Galp Energia for three Namibia fields

11/26/2012

HRT Participacoes signs farm-out agreement with Galp Energia for three Namibia fields

BY JEFFREY T LEWIS
 
BRASILIA -- HRT Participacoes said  it signed a farm-out agreement with Galp Energia covering three fields off the coast of Namibia.

The agreement covers the PEL 23 field in the Walvis basin and the PEL 24 and 28 fields in the Orange basin. Under the terms of the agreement, Galp Energia will cover part of HRT's costs for operating the initial wells, up to a certain limit, HRT said in a regulatory filing.

HRT said last week that the latest study of the company's exploration blocks off the coast of Namibia boosted the amount of oil the areas could potentially hold ahead of an expected stake sale. HRT said that a report by industry consultants group DeGolyer and MacNaughton pegged average prospective resources in the company's offshore acreage in Namibia at 7.4 Bboe, up nearly 7% from estimates in 2011.

Dow Jones Newswires

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