These are the salient points of todays presentation from MM anf the HRT management team at APIMEC.
Thanks to Gusman and asquer the original sources.
Namibia
- MM just said that the company closed the farm out with American company (s) and was the best deal they had done. I had heard a figure of 20c per bbl mentioned for the WI. - seems a bit high to me- would put Wingat at 240m USD for 50%? My guess is that with 2 farm outs hes trying to make the drills cash neutral to HRT at around 350-400m USD all in.
- Mm said that closing this first farm out it already provides three firm drills in Namibia.
- Rig will be ready at the point of drilling Wingat in the second week of February - around 13th
- Rig Delivery 26/27 december 21 days for inspection, plus 7/8 days for preparation.
- D&M resources that have been certified represent only 20% of the potentialHRT has in Namibia.
- Hrt drill wingat first with a cos between 25 and 30%.
- After Murombe with Baobab target
- Meerkat will be for gas, oil unlikely
- Resource estimate of total crude in Namibia are estimated in 100 bn boe.
- Wingat has the highest probability of success, est 33%
Solimões
- Hrt10 at 2100 meters
- Hrt has 3 tcf of gas already discovered in the Solimoes.
- Forget the 30 days of the JV with Petrobras - study, involves the government and is concretized in 6 months
- Hrt 4 is being discussed with petrobras, they're studying the area of ??block 170 in the area for possible return
- Hrt wants to increase the number of rigs operating in the Solimoes in 2013 because the latest discoveries.
- Marcio does not promise anything, but with the new seismic, expected to see wonderful results
- Studies with petrobras is in full swing and will last 6 months and may be extended.
- H-10 at 2100m - has no descernable 3rd seal or volcanic layer (which has cracked the oil to gas in other Solimoes drills) so very hopeful of Oil outcome on this drill. They expect results in 1 week.
- There's a new technology, they can not disclose now with Petrobras that will assist monetization plans
Market reaction was pretty mute - they want to see names and numbers! Tink also the 6.6%/500m bbl resource upgrade wasnt considered significant - but IMO it was needed to enable MM to verify the business model with the Framinees.
Lets see how the market picks up on all this, and the Farm out announcement hopefully.
GWA
Griz.
Stockhouse.com: Taking
it to the street
