Chariot Share Discussion Threads

[wild_goose] 21/5/2013 07:14

Sell.

CHAR will tank today...sell. On the news..The traders made their money yesterday.

[ronan7] 21/5/2013 07:13

nothing new in this mornings news

but restating fully funded and looking to de-risk...seems positive to me

[crosswire] 21/5/2013 07:04

May 20, 2013 8:32 PM - Financial - Natural Resource Discoveries - Gas - Oil and Gas


MATERIAL FACT - Results of Wingat - Offshore Namibia

Petroleum Exploration License 23 ("PEL-23"), in the Walvis Basin, offshore Republic of Namibia (CNW Group/HRT Participações em Petróleo S.A.)

RIO DE JANEIRO, May 20, 2013 /CNW/ -

HRT Participações em Petróleo S.A. (the "Company" or "HRT") (BM&FBOVESPA: HRTP3, TSX-V: HRP) through its wholly-owned subsidiary HRT Walvis Petroleum (Proprietary) Ltd. ("HRT Walvis"), announces that its first exploration well (Wingat-1 2212/07/1) in a multi well offshore program in Namibia has found oil although not in commercial volumes. This well is located in Petroleum Exploration License 23 ("PEL-23"), in the Walvis Basin, offshore Republic of Namibia. The well, spudded on March 25, was drilled in water depths of circa 1,005 meters and has reached a final depth of 5,000 meters.

The main objective of the well was to test the resource potential of the Albian age carbonate platform, which was penetrated on targeted depth, but its reservoir quality is much less developed than originally expected.

The Wingat well was initially planned to be drilled to a total depth (TD) of 4,127 meters, but because of the potential to drill deeper to test the presence of turbidite reservoirs and the opportunity to penetrate and to sample the main source rock, the consortium decided to go deeper, to a final TD of 5,000 meters. This decision was also supported by the increasing concentrations of hydrocarbon shows present in the well below of the depth of 1,500 meters. The Wingat-1 was drilled in 68 days by the semi-submersible Transocean Marianas (NYSE:RIG) and within the budget.

The information obtained, coupled with the results of preliminary studies of all data collected from the well, allowed HRT to identify two well-developed source rocks, which are rich in organic carbon and both are within the oil-generating window. Also, the well encountered several thin-bedded-sandy reservoirs that are saturated by oil. HRT collected four samples of this oil, each of 450cc, and the analysis of these samples indicated the presence of light oil, 38o to 42o API, with minimal contamination. No water-bearing zones were identified in the drilled section. The well is currently in the process of being plugged and abandoned.

The fact that the source rock is in the oil window and generating liquid hydrocarbons of excellent quality confirms the source potential of the basin. As such, the results of Wingat-1 Well provide important information that will help calibrating and guiding HRT's next exploration steps in the Walvis Basin. These source rocks present in the well can charge reservoir intervals of other prospects identified in the license, including Murombe Prospect, which will be drilled next.

Murombe Well will be drilled about 15 kilometers westward of Wingat-1, it will test a Cretaceous basin-floor fan and its spud-in is expected to happen latter in May. This well will be the second of a three-firm-well drilling campaign that HRT is currently running in Namibia.

"We are pleased with Wingat-1 overall results. The confirmation of the presence of high quality source rocks that are clearly in the oil-generation window, coupled with the IFA formation testing, which recovered light-oil from the reservoirs we penetrated, were major achievements obtained by this well. The find and recovery of the first oil offshore Namibia make us feel confident that we will achieve our goals that were set for our drilling plans in the Country. Our efforts will now be to proceed to our second exploration location in this basin - the Murombe-1 well, which will target turbidite reservoirs located above and beneath these source rocks within the same PEL," highlighted Milton Romeu Franke, the CEO of HRT.

HRT is the operator of 10 blocks offshore Namibia, which are contained in 4 Petroleum Licenses. GALP Energia (NYSE Euronext Lisbon: GALP), with a 14% participating interest, is HRT's partner in the drilling of the first 3 wells of the current exploration campaign.

For further information, please contact HRT`s Investor Relations Department.

[hedgebetter] 21/5/2013 06:53

"HRT said on Monday that the Wingat-1 well found small, but not commercially viable, quantities of high-quality light crude at 32 to 42 degrees on the American Petroleum Institute (API) scale."

"However, it said the drilling discovered oil source rock that confirmed the oil potential of the Walvis Basin off Namibia."

And this is what it is all about for CHAR holders. HRT have discovered the source rock. This will inform the next drill. This is bloody amazing news :-) OIL not GAS. Let's find the giant.

Looks like the HRT price dump was because of the Amazon dry well.

[hedgebetter] 20/5/2013 21:31

LOL. Whatever blows up your kilt WG.

[hedgebetter] 20/5/2013 21:28

Wild guess...you said 15p then 10p LOL....you are getting further away...

A large chunk of todays volume was done in the first 30 minutes...

No idea who CEOBOB is talking about. Does anybody?

£3 by Xmas 2013, £13 by Xmas 2014. You heard it here first.

[ronan7] 20/5/2013 21:01

there we are then

[hedgebetter] 20/5/2013 18:31

Ended up 9.76% ....nice....good volume as well...

[hedgebetter] 20/5/2013 18:31

Ended up 9.76% ....nice....good volume as well...

[ronan7] 20/5/2013 15:13

7% up at the mo and no wildy......ummm

[ronan7] 20/5/2013 08:16

fair volume this am

sp a bit volatile tho

will I break even today...need 23.19p

[crosswire] 19/5/2013 19:23

Mon, 13/05/2013 at 13:11

Councillor rule change in HRT to Namibia

Irany Tereza | State Agency

Tags:

COMMENTS (0) -A A+

The former director of the Central Bank, Thadeu Carlos de Freitas, who until two weeks ago held a seat on the board of HRT, told Broadcast, real-time service of the State Agency, the resignation of executive Marcio Mello's chief executive the company is not related to exploration activities in Namibia.

Speculation among financial market operators about a possible failure in Africa are doing the company's shares on the stock plummet. The fall has already reached almost 13%.

Former counselor attributed the decision to change Mello on the board of the company. On Friday, 13, the resignation was presented by the executive in the same meeting at which three new members were inducted on the board. Carlos left Thadeu, William Lawrence Fisher and Milton Romeu Franke, who now replaces Mello as CEO. The three were nominated by the administration of HRT, the last shareholders' meeting. Were replaced by Stefan Alexander, Oscar François Moreau and Pietro. There are about two months Marcio Mello had left the presidency of the board of directors, with a remaining seat.

"This change in the board caused him to be in a very isolated. Shareholders were demanding for some time and he was given the extent possible. But in this area there are many uncertainties oil. Earlier it was thought that too much oil in the Solimões and gas was found. It (Mello) was long being pressed. was tired of making decisions not always accepted by shareholders. was a personal decision, but there is no discontinuity in technical company since Milton (Franke) was his second "said Carlos Thadeu.

Marcio Mello Thadeu ranked as "the primary asset of the company" and noted that it would behoove him to play in the decisions Polvo field. Four days before the announcement of the departure of the executive, HRT announced BP Energy have bought 60% stake in the field located in the Campos Basin.

[ronan7] 19/5/2013 18:57

I hope so

a lot of holes to go yet

[kiwimonk] 19/5/2013 17:54

I concur with Hedge. This is a multi trick pony.
People will look back at current share price of 20p with total Disbelief in 12 months time.

[fairenough11] 19/5/2013 17:11

Char will be better off than they are now even if Wingat is non commercial as the data/info on the source rocks/structures/intervals etc will be invaluable going forward.

Its Win Win for Char as there is ZERO built into the current share price

Good luck folks.

[hedgebetter] 19/5/2013 16:39

"Intersected target interval but company has not reported pay so far."

No cost to Char, anything remotely gas/oily will be good news for Namibian oilers.. only need one strike...across four countries ...and multiple licenses..

Tullow (Mauritania) and HRT (Namibia well 2) will be drilling simultaneously very soon...

[wild_goose] 19/5/2013 09:13

Day 60.

Not sure if this good or bad.

The recent dusters by CHAR were reported early, but as a general rule, the longer a drill goes, the more likely it is a duster.

However,HRT have all but told us something has been found.

Given the token scale here, there is a lot of testing going on.

[kiwimonk] 18/5/2013 20:31

WG is another clueless Pi, it adds a bullish feature to CHAR.

50p soon. Namibia strikes, 100p, without namibia this month, we are on track for 50p+ with all the other drills.

Its pretty simple!
people are going on about TRP...TRP is a one trick pony.
sure it will do well, but char will hit mega multi mk cap. not just a £100m.

The clueless de-rampers will disappear as they always do.

[crosswire] 18/5/2013 17:44

Just had a look at the seismic sections from the Q1 2013 presentation.
The uppermost source rock indicated was seemingly confirmed in the Wingat well. It might also act as a seal for the Wingat prospect. The horizon however is not mapped through the section, so I can't really tell if this theory is vaild.
This source rock might act as the kitchen for the Baobab prospect which will also be drilled in the Murombe well. The source rock is not buried as deep as the one that feeds the Wingat prospect.
So IF the source rock at Wingat generated a wet gas / condensate than the upper one could have generated more liquids. There is roughly a difference in the burial depth of about 300-400m, which equates to ~6°C in a cold basin or up to ~20-20°C in a hot basin. (I do not know the geothermal gradient in the Walvis basin)
Long story short: A possible reason why HRT is optimistic about Murombe might be that they think that Baobab is located above an oil generating source rock.
A potentially gas generating source rock at Wingat could also be due to volcanics which heats up the rock. On the published seismic section however I do not see volcanics. If volcanics were involved they would compeletely change my assumptions.
If anybody has more informations about the spreading of the volcanics in that area, I would be very grateful.
Please note the above is all speculation due to unsufficient data / information.

regards

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