HRT Participações em Petróleo S.A. announces that the Ministry of Mines and Energy of the Republic of Namibia has extended the Initial Exploration Period in the 2815, 2816 and 2915 offshore blocks in the Orange Sedimentary Basin.
More precisely, the five years of the Initial Exploration Period (Petroleum Exploration License no . 0022) which ended on September 22, 2011, has been extended for a further two years, making seven years in all.
According to the MME rules, when companies holding exploration rights on blocks in Namibia enter into the First Renewal of the Exploration Period, they have the obligation to return 50% of the area of the blocks. However, since HRT met double the requirements of the Minimum Exploration Program (3D seismic program), on February 11, 2011, HRT applied for the Company to enter into the First Renewal of the Exploration Period of its blocks, maintaining 100% of the licensed area.
In reply to the Company’s application, the Ministry granted the extension for 100% of the concession area with a view to maximizing the potential of the data to be acquired.
About the 2815, 2816 and 2915 Blocks
The blocks are contiguous and cover an area of approximately 14,000km2 (3.5 million acres) in the Orange Sedimentary Basin at a depth of between 0 and 200m.
[mappress] Source:HRT , October 5, 2011;