QGEP Receives ANP Approval for the transfer of rights under the BM-S-8 Concession

Rio de Janeiro, December 5, 2011 - QGEP Participações S.A. (BMF&Bovespa: QGEP3) today announces that it has received approval from the Agência Nacional do Petróleo, Gás Natural e Biocombustíveis (ANP) for the transfer of a 10% participating interest in the Block BM-S-8 from Shell Brasil Petroleo Ltda to its wholly owned subsidiary, Queiroz Galvão Exploração e Produção S.A. (“QGEP”).

Petrobras is the operator of the block with a 66% working interest. Other consortium members include Petrogal Brasil, which holds a 14% working interest, and the remaining 20% interest is split evenly between QGEP and Barra Energia.

On July 5, 2011, the Company announced it entered into a purchase and sale agreement for the acquisition of a 10% participating interest in BM-S-8 for US$175 million. One of the largest blocks in the region, Block BM-S-8 covers more than 2,400 km² and is located inside a hot spot area of pre-salt in the Santos Basin.

Updated in  2013-12-11T14:49:32
All the dates of this page are presented in official timezone of Brasilia - Brazil.


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