HRT Seeks Namibia Partners

Brazilian oil and gas company HRT Participacoes em Petroleo is seeking partners for a farm-out agreement involving its exploration assets in Namibia. HRT aims to sell a 25%-30% stake in participation in 10 exploration blocks in the Walvis, Orange and Namibe off-shore basins, an HRT investor relations official says. The final stake to be sold, however, will depend on the eventual negotiations with companies interested, who are now reviewing the project’s data. The data room stage is expected to last up to 3 months, the official says, followed by negotiations which should reach a conclusion sometime in 4Q 2012. The farm-out should bring in a partner willing to finance the exploration of a number of blocks. HRT has retained Citi as the sole advisor in the process.