As a result the embattled start-up will see its exploration time on the SOL-T-148, SOL-T-149 and SOL-T-195 blocks expire on 5 May and could be forced to return the acreage to Brazil's National Petroleum Agency (ANP) oil regulator.
"The company states that it is analyzing the possible alternatives to change such decision, including an appeal to be presented to ANP," HRT said in a securities filing Wednesday.
HRT
