general namibia, page-7

http://www.foxbusiness.com/news/2012/11/23/brazil-hrt-resource-study-pegs-namibia-potential-at-74-billion-boe/
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Late Thursday, HRT said that a report by industry consultants group DeGolyer and MacNaughton pegged average prospective resources in the company's offshore acreage in Namibia at 7.4 billion barrels of oil equivalent, up nearly 7% from estimates in 2011. Average prospective resources are a preliminary measure used by the industry to indicate oil volumes that could be recovered from undiscovered deposits.
HRT expects to close a deal to sell off a share in the blocks sometime in December, executives said during a conference call earlier this month. The deal is seen as a key step in helping ease cash concerns at the company as HRT ramps up exploration of the deepwater area off the coast of West Africa.
The company is talks with several potential partners, with "firm" proposals already on the table, Chief Executive Marcio Mello said at the time.


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But the company expects to drill its first well off the coast of Namibia in the first quarter of 2013 at the Wingat prospect. The area reminds HRT executives of the oil-producing Campos Basin in Brazil, where many of the executives cut their teeth in the industry while working for state-run energy giant Petroleo Brasileiro (PBR, PETR4.BR).
The report by DeGolyer and MacNaugton, which provides certified resource estimates for oil companies, divided the resource estimate for HRT's Namibia blocks into 5.1 billion barrels of oil and condensate as well as 2.3 billion barrels of oil equivalent in natural gas, HRT said. The report was based on an evaluation of fresh three-dimensional seismic data obtained in 2010 and 2011, HRT said.


The resource study "confirms HRT's confidence in the oil and gas potential" of the Namibian exploration blocks, Mr. Mello said in a statement accompanying the report on Thursday.