Clarifications on CVM/BOVESPA consultations

QGEP Participações S.A. ("QGEP", "Company", BM&FBovespa: QGEP3), in response to Notice BM&FBovespa 553/2015-SAE, in which the aforementioned stock Exchange required QGEP to disclose the existence of any fact, to the Company’s knowledge, that could explain the unusual performance of the Company shares during the trading session of March 10, 2015, todays informs the market that:

The Company believes the unusual performance of QGEP’s shares was due to announcements made yesterday, 03/10/2015, by Galp Energia ("Galp"), during its Capital Markets Day 2015 presentation. Galp has a 14% ownership interest in the Block BM-S-8’ Consortium, together with QGEP (10%), Barra Energia do Brasil Petróleo e Gás Ltda (10%) and Petrobras, the operator (66%).

In the aforementioned presentation, Galp estimated that its projects in the pre-salt of Santos Basin would have an average one year delay as a result of cyclical industry factors. Specifically regarding Block BM-S-8, Galp mentioned that gas evacuation is a challenge for the development of the Carcará project. Galp stated that its internal assessments regarding the delay of its projects have a high level of uncertainty, and they will be reviewed at a later date when the operator of these projects, Petrobras, has disclosed its plans for the blocks in question.

QGEP understands that the factors mentioned by Galp could, in fact, result in the delay on the development of the Carcará project. However, currently the Company does not have sufficient information to estimate precisely the impact on the project’s schedule. The members of the Consortium are currently evaluating alternatives for the gas evacuation of Block BM-S-8 and await the announcement of the operator’s Business Plans. The Company will continue to keep the market updated as it has new information on the developments of this Block.

The Company does not have any knowledge of any other factor that could have led to the unusual performance of its shares, as mentioned above.

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Updated in  2015-04-14T10:42:09
All the dates of this page are presented in official timezone of Brasilia - Brazil.

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