QGEP announces decision to relinquish Block BM-J-2 to the ANP

QGEP Participações S.A. announced its decision to relinquish Block BM-J-2, located in the Jequitinhonha Basin, in the state of Bahia, to the Brazilian National Agency of Petroleum, Natural Gas and Biofuels (Agência Nacional do Petróleo, Gás Natural e Biocombustíveis - ANP).

QGEP has a 100% participating interest in Block BM-J-2, which was acquired in 2002 in the 4th ANP Bidding Round. The Company fulfilled its commitments under the Minimum Exploratory Program through the acquisition of 3D seismic data and the drilling of an exploratory well in the Alto de Canavieiras prospect (1-QG-5A-BAS). Drilling was completed in 2013 and identified potential pay zones in the pre-salt section, which led QGEP to file a Notice of Discovery with the ANP at the time.

At the end of 2014, the ANP approved a Discovery Evaluation Plan for the Block. Under this Plan, QGEP committed to reprocess seismic data and to proceed with a geological and geophysical reinterpretation of the area, which have now been concluded.

Based on the results of technical and economic analyses, which indicated low quality reservoirs and sub-commercial volumes, and the environmental challenges of operating in this area, the Company determined to relinquish the Block.

The decision is aligned with QGEP's strategy of continuing to dynamically manage its asset portfolio. This is an ongoing process that considers the technical and economic aspects of the assets, their exploratory potential and international scenarios for oil prices.

For more information, please contact our Investor Relations team.

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Updated in  2015-12-22T09:22:45
All the dates of this page are presented in official timezone of Brasilia - Brazil.

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