HRT to Acquire 60% Participating Interest in BP's Polvo Field; Shares Gain 6% in Early Trade


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HRT Participacoes em Petroleo S.A. (HRP.V), together with its wholly-owned subsidiary HRT Oil & Gas Ltda has entered into a Purchase and Sale Agreement ( PSA ) with BP Energy do Brasil Ltda to acquire a 60% stake in the Polvo Field for US$135 million having January 1st, 2013 as the effective date. HRT as well as HRT O&G have entered into a loan agreement with Credit Suisse to finance the majority of the acquisition price.

The Polvo Field is located in the southern portion of the Campos Basin, 100 km east of the city of Cabo Frio, State of Rio de Janeiro, and currently produces approximately 13,000 barrels per day. The license covers over 134 km2 of acreage.

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This article appears in: Investing , Commodities

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