QGEP Updates Status of BS-4 Acquisition

Rio de Janeiro, September 20, 2011 - QGEP Participações S.A. (“QGEPP” or “Company”), (BMF&Bovespa: QGEP3) announced today that Queiroz Galvão Exploração e Produção S.A. (“QGEP”), a wholly owned subsidiary, has advanced in the acquisition of a 30% participating interest in Block BS-4, located in the Santos Basin, as previously announced on August 24, 2011. Consortium members, Chevron and Petrobras, have both formalized their positions in relation to the transaction, being transfer from Shell to QGEP currently only pending ANP approval. The new operator is still to be determined by consortium members, considering Shell’s sale of its interest in the block.

The transaction value was U$157.5 million. Block BS-4 encompasses the heavy oil fields (between 14 and 16 API degrees) of Atlanta and Oliva. According to the Development Plans approved by the ANP, both fields have a combined volume of more than 2.1 billion barrels of oil in place. This block is located 185 km off the coast of Brazil in an area with significant pre-salt oil potential and near the Libra field, which is potentially one of the largest pre-salt fields in the region.

“This farm-in is our second acquisition in the pre-salt area of the Santos Basin since the Company’s IPO and represents our commitment to the diversification and growth of QGEP’s asset portfolio,” said José Augusto Fernandes Filho, QGEP’s Chief Executive Officer.

The Company will host a conference call on Tuesday, September 27, 2011 to give additional information on BS-4, as well as provide an update on QGEP’s asset portfolio. The remarks will be followed by a question-and-answer period.

Please call the following number approximately 10 minutes prior to the scheduled time of the call:

Tuesday, September 27, 2011 - 10 a.m. Brasilia Time/9 a.m. New York Time
Phone (Brazil): (55 11) 4688-6401
Code: Queiroz Galvao

Tuesday, September 27, 2011 - 12 p.m. Brasilia Time/11 a.m. New York Time
Phone (Brazil): (55 11) 4688-6361
Phone (USA): +1 786 924-6977
Code: Queiroz Galvao


Updated in  2013-12-11T11:15:50
All the dates of this page are presented in official timezone of Brasilia - Brazil.

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