HRT, Galp pen Namibia farm-out

Namibian supporters cheer their team during the rugby union World Cup match Ireland vs Namibia 09 September 2007 at the Chaban-Delmas stadium in Bordeaux, southwestern France. France hosts the rugby world cup from 07 September 2007 to 20 October 2007. AFP PHOTO / PIERRE ANDRIEU

HRT farm-out: Galp to take 14% stake

PIERRE ANDRIEU

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Kathrine Schmidt

 26 November 2012 22:47 GMT

Brazilian independent HRT on Monday unveiled a long-awaited farm-out agreement for blocks off Namibia, saying Galp Energia would take a 14% stake and contribute to well costs in three exploration areas.

The Portuguese outfit will take on the interests in a trio of HRT licences: PEL 23 in the Walvis Basin and PELs 24 and 28 in the Orange Basin. HRT will remain operator of each.

The Brazilian startup plans a three-well Namibian exploratory campaign starting in the first quarter of 2013 using the Transocean Marianas semisub.

HRT said Galp would contribute costs up to a cap in connection with the wildcat wells, but did not provide any additional financial specifics.

An HRT spokeswoman said the company could not disclose further details because of ongoing…

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