HRT bullish despite mixed results from Namibia well

Brazilian independent HRT Participações em Petróleo has announced that its first well offshore Namibia was non- commercial, though samples of light oil were recovered. The announcement came 11 days after the resignation of the company’s founder, Marcio Rocha Mello, and coincided with news of a dry well in HRT’s Solimões Basin acreage in Brazil, sending the company’s shares plummeting, but new chief executive Milton Romeu Franke was bullish in a conference call to discuss the well results. “We have produced light oil, about 40 degrees API. We have identified pay zones. They are not so thick as they could be, but we have pay zones,” he said. “We are very, very pleased with the results we have obtained.”