Solimoes discovery for HRT

By Gareth Chetwynd

 03 May 2012 22:59 GMT

BRAZILIAN independent HRT Oil & Gas has found hydro- carbons on Solimoes basin Block SOL-T-170, amid signs that the company may have made a breakthrough discovery of liquids, writes Gareth Chetwynd.

Logging data and wireline tests detected two oil-bearing pay zones in the Devonian formation, with net pay of about four and eight metres.

The discovery sparked a 7% rally in HRT’s depressed stock price on next-day trading, despite the modest pay.

Well 1-HRT-6-AM reached a total depth of 3384 metres, stopping at the crystalline basement and will now be cased ahead of stem tests.

The find was located close to the 1-HRT-1-AM well where HRT discovered condensate, but with low porosity and permeability.

HRT’s stock price has struggled because of doubts about the company’s chances…

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