Feb. 22 (Bloomberg) -- HRT Participacoes em Petroleo SA, a Rio de Janeiro-based oil explorer, rose the most in almost five months after partner Energulf Resources Inc. released oil reserve estimates for an area off the coast of Namibia.
HRT, which operates 10 exploration licenses in Namibia and has minority stakes in another two areas, jumped 9.6 percent to 622 reais in Sao Paulo. Earlier the stock rose as much as 11 percent, the steepest intraday gain since Oct. 6.
Energulf released a report yesterday stating that it has 3.2 billion barrels of recoverable oil at block 1711 in Namibia. The report was prepared by Netherland Sewell and Associates Inc., an oil reservoir engineering firm. HRT has a minority stake in the block.
Namibia holds an estimated 11 billion barrels of recoverable oil in reservoirs similar to those found off the coast of Brazil, according to HRT’s website. The company has said it will begin exploration drilling in the second half of this year in Namibia, where it has more areas than any other competitor.
--Editors: Glenn J. Kalinoski, Richard Richtmyer
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