Possible factors: (a) "tree-shaking" (b) in sympathy with other Brazilian O&G stocks, (c) no farm out. 

One would  think the first two are relatively trivial and temporary. 

The no(additional) farmout seems like a big worry.  The minutes of the B.o.D. meeting on 22-23 January didn't seem encouraging to: "6a. Resolutions approved; Wagner Elias Perez received a commercial proposal in relation to PEL#2 which is being under analysis---results of such analysis to be presented in the next board meeting"  Doesn't sound like a very strong offer to be treated this way.

Sometime earlier someone on this board said that HRT could afford to drill no more than two Namibian wells without a 2nd farmout. And we don't know the details about the Galp deal. A risky future getting riskier?  rl