HRT up after Chariot raises Namibia oil reserve

BRAZILIAN OIL PLAYER HRT, currently probing offshore Namibia, rose to a record in Sao Paulo trading after another company exploring in nearby blocks increased its reserve estimates.

HRT rose 64.95 reais, or 3.8 per cent, to 1764.95 reais at 1:13 pm New York time, the highest since the company first sold shares in October.

Chariot Oil & Gas, a London-based oil explorer focused on Africa, boosted its prospective reserves at an exploration area off the coast of Namibia by 30 per cent to 13.2 bn barrels, Bloomberg reported.

Rio de Janeiro-based HRT owns five offshore exploration licences in Namibia.

“What you have specifically with HRT is some good news about these resources,” said Lucas Brendler, a fund manager at Banco Geracao Futuro de Investimentos in Porto Alegre, Brazil. “Namibia is very similar to what we have here in the pre-salt region” in Brazil, said Brendler.

Brazil’s pre-salt region holds an estimated 50 bn barrels of recoverable oil in deep waters, according to the South American country’s oil regulator.

Namibia’s geology is similar to Brazil’s offshore Santos basin, which holds the largest oil discoveries in the America’s in more than thirty years, according to HRT’s website.

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