July 20, 2013 / 1:35 AM / 4 years ago

HRT Participações declares second well dry off Namibia

BRASILIA, July 19 (Reuters) - HRT Participações SA said on Friday that the second well drilled by its subsidiary HRT Walvis Petroleum off the coast of Namibia is dry.

The Rio de Janeiro-based company said drilling was stopped on well Murombe-1 after no oil was found. The company’s first well in Namibia was declared non-commercial in May.

The Brazilian oil producer has faced repeated setbacks in its exploration efforts in Brazil’s Solimões Basin and in Namibia, driving down its shares by 58 percent this year alone. It had been hoping to make a large discovery in the waters off Namibia.

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