May 20, 2013... HRT announces that its wholly-owned subsidiary HRT O&G Exploração e Produção de Petróleo Ltda ("HRT O&G") concluded the drilling of well 1-HRT-11- AM, on the Cajazeira prospect, located at Block SOL-T-172, in the Solimões Basin, Municipality of Coari, State of Amazonas.
The well was spudded on March 17, 2013, having as the main target the sandstones of the Lower Member of the Juruá Formation, Carboniferous in age, and as secondary objective the Devonian sandstones. On May 6, 2013, the well reached its total depth, after penetrating the metamorphic basement at 2,402 meters depth. The well was drilled in 49 days.
During drilling the Jurua and Devonian sections were cored. Wireline logs were run, identifying two intervals of interest, the first one from 2,170 to 2,189 meters, in the Upper Mb. of the Juruá Formation, and the second one from 2,251 to 2,402 meters, composed of sandstones of the Lower Mb. of the Juruá Formation. In both intervals oil shows were observed in the cuttings and cores. When tested, using a wireline tool (RDT), the tests recovered formation water, confirming that the oil shows were due to the presence of residual oil in the reservoir.
The above-mentioned results indicate that the petroleum system was active within the prospect area. In light of the results, the well has been abandoned as a dry hole with hydrocarbon shows. Geological information resulting from this well will be analyzed and calibrated with available information in order to assist in further decisions on the Solimoes Basin forward work program.
Whoops terrible timing, but my other acquisition from last week moved up nicely today. As my HRP holdings aren`t at the level some of you are in for, I`ll not lose sleep. Figured if they hit, big jump, if not can stop loss out at 50% loss. Odds dropped today though.