BlackRock Takes 5.15% Stake In Brazil Oil Startup HRT
November 28 2011 - 12:27PM
Dow Jones News
BlackRock Inc. (BLK), the largest publicly traded fund manager
in the U.S., has purchased a 5.15% stake in Brazilian oil startup
HRT Participacoes em Petroleo SA (HRTP3.BR), HRT said in a filing
with stock regulators Monday.
In the filing, HRT said that BlackRock had informed the company
that it now holds 299,900 common shares in HRT. HRT shares traded
3.5% higher, at 600.00 Brazilian reais ($324.32) in early afternoon
trade.
"According to information given by BlackRock, the referenced
acquisition does not have the objective of altering the control or
management of HRT," the company said in the filing.
The oil company is still in a pre-operational phase, with
drilling underway at exploration blocks in the Solimoes Basin in
Brazil's Amazon rainforest. HRT holds operator stakes of 55% in 21
blocks in the Solimoes Basin in Brazil's Amazonas state. The blocks
contain potential reserves of between 4 billion and 6 billion
barrels of light oil and between 10 trillion and 20 trillion cubic
feet of natural gas, according to company officials.
At the end of October, BP PLC's (BP) Russian joint venture,
TNK-BP Ltd. (TNBP.RS) and HRT reached a farm-in deal that will
grant TNK-BP a 45% stake in the Solimoes Basin blocks for $1
billion.
HRT also has rights to explore 10 offshore blocks in
Namibia.
-By Jeff Fick, Dow Jones Newswires; 55-21-2586-6085;
jeff.fick@dowjones.com
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