QGEP Wins 8 Blocks at Brazil‘s 11th ANP Bidding Round

Rio de Janeiro, May 15, 2013 - QGEP Participações S.A. (BMF&Bovespa: QGEP3), today announced that its wholly owned subsidiary, Queiroz Galvão Exploração e Produção S.A. ("Company", "QGEP"), has been awarded 8 blocks at the 11th Bidding Round hosted by the Agência Nacional do Petróleo, Gás Natural e Biocombustíveis (ANP), the first government auction comprising offshore areas in Brazil since December 2008.

QGEP secured operatorship in 5 of the 8 blocks and comitted a total of R$94.9 million as signature bonus. Net to QGEP, approximately US$30-40 million is expected to be expensed for the acquisition of seismic data in the next couple of years, prior to the drilling of at least four exploratory wells, which are expected to be drilled starting in 2017. The blocks acquired by QGEP are distributed across 5 different basins and encompass a total of 5,785 km2.

"This is an important milestone for QGEP as it demonstrates our strategy of expanding and diversifying our exploratory portfolio, positioning us well for long-term, sustainable growth. In addition, we now have the opportunity to work with global partners and growing independent companies in exploring these five promising basins," said Lincoln Guardado, QGEP‘s Chief Executive Officer".

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Updated in  2013-12-09T19:13:53
All the dates of this page are presented in official timezone of Brasilia - Brazil.

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