OGX and MPX sign an agreement for the sale of a 50% stake in 4 exploration blocks in the Parnaíba Ba
OGX and MPX sign an agreement for the sale of a 50% stake in 4 exploration blocks in the Parnaíba Basin
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 signed an agreement ("Agreement") with MPX Energia S.A. ("MPX") for the sale of a 50% stake in the PN-T-168, PN-T-153, PN-T-113 and PN-T-114 onshore exploration blocks ("Blocks"), located in the Parnaíba Basin, which were acquired by OGX during the 11th Exploration License auction round organized by Brazil's National Petroleum, Natural Gas and Biofuels Agency (ANP) on May 14, 2013.
MPX should acquire a 50% working interest in the Blocks under equal terms and conditions to the bids presented by OGX in the 11th ANP Auction Round. The acquisition price will therefore be equivalent to one half of the signing bonuses and other exploration and development commitments assumed in the winning bids, summarized in the table below.
The assignment contemplated in the Agreement will be submitted to ANP immediately after the execution of the respective concession contracts by OGX.
Maps showing the awarded blocks are available on the OGX IR website: www.ogx.com.br/ri
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
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.
Roberto Monteiro, email@example.com
Thomaz Freire, firstname.lastname@example.org
Gabriel Browne, email@example.com
+55 21 2163-6237
Daniele Rivera, firstname.lastname@example.org
+55 21 2163-7568
KEYWORDS: United States Brazil North America South America New York
The article OGX and MPX sign an agreement for the sale of a 50% stake in 4 exploration blocks in the Parnaíba Basin 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.