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Harvest Natural Resources CEO Discusses Q2 Results - Earnings Transcript

Stocks in this article: HNR

Overall, we are expecting production average in the 40,000 barrel a day range for the year. In the last call we discussed the upside and downsides of that number and at least one of those uncertainty seems to have gone our way as our productivity of the El Salto 44 and 45 wells in the Lower Morichal clearly exceeded our expectations.

I cannot overstate the importance of these results given the reserve sides associated with the Lower Morichal formation and the previous uncertainty associated with production rates from this formation. The remaining uncertainties both upside and downside remained to be associated with delivery, commissioning and performance of the new rigs and commissioning of the production facilities in Temblador and El Salto.

Moving into our exploration programs, in Gabon we are gearing up towards further drilling on the block in the fourth quarter this year having secured the Scarabeo of three drilling rig with a tentative spud date in October.

The Tortue prospect is perspective in three targets, the Gamba, the Madiela and the Dentale. Like most of that are currently mapped prospects on the block, we considered these low to moderate risk prospects.

The Tortue well is a key well for us as even a modest success will provide the reserve-base when combined with the pre-existing discoveries to move us into development in 2013.

Furthermore, the well will calibrate our 3D and the mapping sets a several other prospects will be structurally de-risked. Once we go into the development mode, we expect to continue to build up the productive capacity in the central portion of the block in a string approval fashion tied back to the initial development facilities.

Further on the block, we recently received a time migrated 3D dataset from the seismic which outlaid late last year in conjunction with (inaudible) block. We’ve begun the process of depth-migrating the data in order to image structuring depth. However, what we can say is that the data clearly indicates the structuring in the center of sequence that we were looking to confirm. These structures are near to short and in shallower water and should have somewhat larger target sizes in the present drilling program.

Read the rest of this transcript for free on seekingalpha.com

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