Mr. Guilherme Marques reports
UPDATE ON ACQUISITION OF THE BIJUPIRA AND SALEMA OIL FIELDS AND FPSO FLUMINENSE
PetroRio (1), the new brand of HRT Participacoes em Petroleo SA, has provided an update on
the expected timing of the geological report to be filed with the TSX
Venture Exchange in connection with the proposed acquisition
of 80 per cent of the rights and obligations of the concession contracts for
the Bijupira and Salema fields, and the FPSO Fluminense.
As previously disclosed (by material fact dated Feb. 13, 2015), the
company has retained an independent qualified reserves evaluator to
prepare a geological report in compliance with the Canadian Securities
Administrators' National Instrument 51-101 -- Standards of Disclosure for
Oil and Gas Activities. The report is now expected to be
received on or about March 20, 2015. The report will be used by the
TSX-V as supporting documentation for the proposed transaction, and it
is expected that the report will assist investors in assessing the
proposed transaction. A further news release will be issued by the
company when the report is available, providing further details on the
assets proposed to be acquired under the agreements. Investors are cautioned that, until the report is prepared and
disclosed, there may not be sufficient information about the assets so
as to enable investors to make a reasonable investment decision about
the transaction.
The completion of the proposed acquisition is subject to certain
conditions precedent, including approval of the assignment of rights by
Brazil's Council for Economic Defense (CADE), and the National Agency of
Petroleum, Natural Gas and Biofuels (ANP). Receipt of required
regulatory approvals and the subsequent closing may take several
months, or may not occur at all.
(1) The company's corporate name will remain HRT Participacoes em Petroleo
SA until the modification is approved at the shareholders meeting,
in accordance with proposal to be submitted by management. The
company's shares and global depositary shares (GDS) will continue to be traded under the tickers
HRTP3 on the BM&F Bovespa and HRP on TSX-V until the new corporate name
is approved, and the request to change the tickers is authorized by the
BM&F Bovespa, and the Brazilian Securities and Exchange Commission (CVM).
The company will keep its shareholders and the market in general
informed of the progress of this process.
We seek Safe Harbor.
© 2024 Canjex Publishing Ltd. All rights reserved.