HRT's CFO and CAO also quit

10 Jun 2013 06:30
WINDHOEK, 10 JUN (NAMPA) - Nearly a month after the Chief Executive Officer (CEO) of Brazilian oil and gas exploration company HRT resigned, the Chief Financial Officer and Chief Administrative Officer also quit their jobs.
The company announced the changes to its management team on its website late on Friday, caused by Chief Financial Officer and Investor Relations? Officer Carlos Tersandro Fonseca Adeodato and Chief Administrative Officer Maria Emilia de Azevedo leaving.
Adeodato joined the company in 2009, while Azevedo started in 2011.
The news comes after HRT founder and CEO Marcio Mello departed from the company on 10 May 2013.
In addition, the company announced a few days later (21 May 2013) that it found oil off the coast of Namibia, although not in sufficient ?commercial? volumes.
HRT did not cite a reason for the changes in the management team, but thanked both for ?their contribution in the period they honoured the company with their efforts?.
The company?s Board approved Ricardo Dourado, the current Planning and Business Development Executive Manager, to take over as Chief Financial Officer and Investor Relations? Officer.
In the position of Chief Administrative Officer, the Board approved the appointment of Luiz Conde, who joined the company in 2011, and served as Corporate Administrative Executive Manager.
Meanwhile, HRT announced its first financial quarter results last month, indicating that the company posted a loss in the amount of Brazilian Real (BRL) 99 million (about N.dollars 470 million), compared to a negative result of BRL 140 million (about N.dollars 665 million) in the previous quarter.
In May 2010, the Ministry of Mines and Energy awarded the company with three concessions and exploration licenses, acting as operator, in which HRT holds a 40 per cent participating interest and will explore in partnership with UNX and Acarus.
HRT is the operator of two blocks in the Walvis sub-basin, where it holds a 100 per cent stake; and of eight blocks in the Orange sub-Basin, with more than a 90 per cent shareholding.