HRT Participações em Petróleo S.A. provide the 2012 report prepared by the consulting firm DeGolyer & MacNaughton ('D&M') which estimates new resource volumes in HRT's Petroleum Exploration Licenses ('PEL') 22, 23, 24 and 28, located in offshore Namibia.

This study was performed using the excellent quality 3D-seismic volumes that HRT acquired and processed during 2011 and 2012, allowing a significant improvement in the analysis of the volumes previously reported by D&M. The report increased to 7.4 billion barrels of oil equivalent (BOE) the net risked Pmean potential resource volume in Namibia, being 5.1 billion of crude oil and condensate ('bbl'), and 2.3 billion BOE of associated and non-associated gas. These new volumes represent an increase of 0.5 billion BOE to the portfolio of HRT reported in 2011, as well as an increase of 6.6% from the previously estimated volumes for the Namibian HRT PELs.

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