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Wednesday, November 28, 2012
Portugal’s Galp Energia will be joining Brazilian firm HRT offshore Namibia. HRT and Galp signed a farm out agreement that assigns a 14% participating interest in exploratory rights over three offshore Petroleum Exploration Licenses (PEL) in Namibia to Galp; PELs 23, 24, and 28.
HRT will retain the operatorship of these PELs and is set to commence a drilling campaign in Q1 13.
According to the terms agreed to by the parties, Galp Energia will carry part of HRT‘s share of costs, limited by a cap, associated with the drilling of wildcat wells set to be drilled in 2013. The exploration program is expected to comprise the drilling of three exploration wells in already identified and defined prospects, targeting two prospects in PEL 23 and one in PEL 24. These prospects carry both oil and gas assessments with material volumes, and are expected to be more oil prone.
HRT previously carried out the largest 3D seismic acquisition campaign with excellent quality off the Namibian coast, which covered the areas where the three wells will be drilled, decreasing the exploration risk.
The main targets of these prospects have a combined estimated gross recoverable resource of almost 8 billion barrels (unrisked mean estimate) with a probability of success in the 20% – 30% range.
“We are honored to have Galp Energia as a partner in these highly prospective assets. This partnership will enable HRT to bring into its drilling campaign the experience of a major company that has had outstanding performance in the search for hydrocarbons in frontier-exploration projects such as the Brazilian pre-salt and also the West-African deep-waters,” CEO Marcio Rocha Mello commented.
The transaction is subject to the requisite regulatory approvals, specifically the Namibian government approval.
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