Indeed Mackie, this week we broke through some strong resistence over in Brazil at BRL $480 per share, straight to $500 which was tested a couple of times before moving up to $525 late on Friday.
The latest move up can be attributed to Cobalt finding a shed load of oil in Angola (Namibia's neighbour). Infact a lot more than they anticipated.
It ended the day up 32%.
So in the last two weeks, Petrobras and Cobalt have made good discoveries right beside our blocks.
I understand that HRT have adjusted their drilling approach for the next two wells based on what they learned from the first four drills. They also have much better quality seismics for these holes. I have heard that they are ahead of schedule, so I expect news before the 3Q2011 conference call on March 5th. Remember, the quality of oil in the Amazon area is top quality light crude.
In terms of Namibia, HRT completed the last bit of 3D seismics for their blocks in Jan and are analysing these right now. No less than 12 majors have expressed interest in farming in, but our CEO wants to analyse the seismics before any negotiations take place.
This share is a bargain.
for more info if you're interested!