Bloomberg News

HRT Climbs to Week High After Naming Galp as Namibia Partner

November 27, 2012

HRT Participacoes em Petroleo SA (HRTP3) rallied to the highest in a week after it assigned a stake in a Namibian offshore oil exploration site to a Portuguese partner.

Shares gained 2.5 percent to 5.33 reais at the close of trading in Sao Paulo, the highest since Nov. 19. The Bovespa index (IBOV) fell 0.9 percent, as oil producers OGX Petroleo e Gas Participacoes SA and Petroleo Brasileiro SA tumbled.

Rio de Janeiro-based HRT said in a regulatory filing yesterday after the close of trading that it assigned 14 percent of its exploratory rights to blocks off the coast of Namibia to Galp Energia SGPS SA. (GALP)

“There’s no information on values, but it’s important to breathe life to the capital structure and funding of the drillings,” Roberto Altenhofen, an analyst at the equity consulting firm Empiricus Research in Sao Paulo, said by e-mail. “And it’s an important signal of value for the region.” He has a buy rating on HRT.

HRT has tumbled 53 percent this year, while the Bovespa lost 0.9 percent.

To contact the reporter on this story: Julia Leite in New York at jleite3@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net


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