OGX Acquires a Working Interest in 13 Exploration Blocks in the Equatorial Margin and the Parnaíba B

Before you go, we thought you'd like these...
Before you go close icon

OGX Acquires a Working Interest in 13 Exploration Blocks in the Equatorial Margin and the Parnaíba Basin During ANP's 11thExploration License Auction Round

RIO DE JANEIRO--(BUSINESS WIRE)-- OGX Petróleo e Gás Participações S.A. ("OGX") (Bovespa: OGXP3; OTC: OGXPY.PK), the Brazilian oil and gas company responsible for the largest private-sector exploratory campaign in Brazil, announces that it has acquired a working interest in 7 deep-water and 2 shallow-water blocks situated in the Equatorial Margin and 4 onshore blocks situated in the Parnaíba Basin during the 11th Exploration License auction round organized by Brazil's National Petroleum, Natural Gas and Biofuels Agency (ANP).

Luiz Carneiro, CEO of OGX, commented:


"OGX is very pleased with the outcome of the 11th Bid Round organized by ANP. The offshore blocks are located within the Equatorial Margin, in the North of Brazil, an underexplored and highly promising area as demonstrated by recent discoveries in the surrounding areas. The onshore blocks are located in the Parnaíba Basin, where we have recently achieved significant results in both the exploration and production fronts.

The partnership with ExxonMobil and Total, two major international oil and gas players with significant expertise and resources, with a strong track record of success in the West Africa and the Atlantic Margin, underscore the high potential of the blocks, as well as our ability to identify and develop future growth opportunities. We are also very satisfied to have once more an opportunity to work with Queiroz Galvão Exploração e Produção, an important and reputable player in the Brazilian Oil and Gas market.

This is clearly an exciting time for Brazil's oil and gas industry and for OGX, and we are thrilled to be a part of it."

Offshore Blocks

Basin Block(s) Signature Bonus Local Content OGX Share Area
km²
 Operator
   Exp Dev   
Foz do Amazonas FZA-M-184 R$ 30,000,063 40% 63% 100% 767 OGX
BarreirinhasBAR-M-213 R$ 40,000,163 40% 63% 100% 769 OGX
BAR-M-389 R$ 80,000,163 40% 63% 100% 192 OGX
 BAR-M-251 R$ 40,000,163 40% 63% 100% 192 OGX
PotiguarPOT-M-475 R$ 20,000,063 37% 56% 100% 768 OGX
 POT-M-762 R$ 81,876,563 37% 55% 50% 767 ExxonMobil
CearáCE-M-663 R$ 70,000,163 37% 56% 100% 512 OGX
CE-M-6611 R$ 40,462,000 37% 65% 30% 769 TOTAL E&P
 CE-M-603 R$ 45,865,663 37% 55% 50% 769 ExxonMobil
Total9R$ 448,205,004 5,506
Total NET OGX  R$ 356,010,491         
 

1 TOTAL E&P has 45% W.I., OGX 30% and Queiroz Galvão Exploração e Produção (QGEP) 25%

Onshore Blocks

Basin Block(s) Signature Bonus Local Content OGX Share Area
km²
 Operator
   Exp Dev   
ParnaíbaPN-T-168 R$ 4,000,063 75% 80% 100% 3,050 OGX
PN-T-153 R$ 3,000,063 75% 80% 100% 3,057 OGX
PN-T-113 R$ 7,000,063 80% 85% 100% 2,741 OGX
 PN-T-114 R$ 6,000,063 80% 85% 100% 2,996 OGX
Total4R$ 20,000,252 1,843
Total NET OGX  R$ 20,000,252         
 

The signature of the concession contracts are still subject to the finalization of the bid process by ANP.

Maps showing the awarded blocks are available on the OGX IR website: www.ogx.com.br/ri

ABOUT OGX

OGX Petróleo e Gás SA is focused on oil and natural gas exploration and production and is conducting the largest private-sector exploratory campaign in Brazil. OGX has a diversified, high-potential portfolio, comprised of 26 exploratory blocks in the Campos, Santos, Espírito Santo, Pará-Maranhão and Parnaíba Basins in Brazil, and 5 exploratory blocks in Colombia, in the Lower Magdalena Valley and the Cesar-Ranchería basins. The total extension area is of approximately 4,600 km² in sea and approximately 36,700 km² on land, with 24,500 km² in Brazil and 12,200 km² in Colombia. OGX relies upon an experienced management team and holds a solid cash position, with approximately US$1.15 billion in cash (as of March 2013) to fund its E&P investments and new opportunities. In June of 2008, the company went public raising R$6.7 billion, which at the time was the largest amount ever raised in a Brazilian IPO. OGX is a member of the EBX Group, an industrial group founded and under the leadership of Brazilian entrepreneur Eike F. Batista, who has a proven track record in developing new ventures in the natural resources and infrastructure sectors. For more information, please visit: www.ogx.com.br/ri

LEGAL NOTICE

This document contains Company-related statements and information that reflect the current vision and/or expectations the Company and its management have regarding its business plan. These include, among others, all forward-looking statements that involve forecasts and projections, indicate or imply results, performance or future achievements, and may contain words such as "believe," "foresee," "expect," "consider," "is likely to result in" or other words or expressions of similar meaning. Such statements are subject to a series of expressive risks, uncertainty and premises. Please be advised that several important factors can cause the actual results to diverge materially from the plans, objectives, expectations, estimations, and intentions expressed in this document. In no event shall the Company or the members of its board, directors, assigns or employees be liable to any third party (including investors) for investment decisions or acts or business carried out based on the information and statements that appear in this presentation, or for indirect damage, lost profit or related issues. The Company does not intend to provide to potential shareholders with a revision of the statements or an analysis of the differences between the statements and the actual results. Each investor must conduct and rely on its own evaluation, including of the associated risks, in making an investment decision.



OGX
Investors:
Roberto Monteiro, roberto.monteiro@ogx.com.br
Thomaz Freire, thomaz.freire@ogx.com.br
Gabriel Browne, gabriel.browne@ogx.com.br
+55 21 2163-6237
or
Media:
Daniele Rivera, daniele.rivera@ogx.com.br
+55 21 2163-7568

KEYWORDS:   United States  Brazil  North America  South America  New York

INDUSTRY KEYWORDS:

The article OGX Acquires a Working Interest in 13 Exploration Blocks in the Equatorial Margin and the Parnaíba Basin During ANP's 11th Exploration License Auction Round originally appeared on Fool.com.

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

Read Full Story

Want more news like this?

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

From Our Partners