Petronas Buys Into OGX’s Campos Basin Blocks for $850 Mln
OGX , Brazil’s largest private oil and natural gas exploration company, announced today that it has entered into an agreement with PETRONAS Brasil E&P Ltda (“Petronas”) to sell a 40% non-operating work interest in BM-C-39 and BM-C-40 blocks, located in the Campos Basin, for a total value of US$850 million. Effective date for beginning of CAPEX and OPEX reimbursement is May 1st, 2013.
The BM-C-39 and BM-C-40 blocks encompass the Tubarão Martelo Field (2C resources of 212 million barrels estimated by DeGolyer and MacNaughton in February 2012) and the Peró and Ingá accumulations. The blocks are located approximately 95 kilometers off the Brazilian coast, at a water depth of around 110 meters.
In addition to the 40% Stake in the BM-C-39 and BM-C-40 blocks, Petronas has an option (“Call Option”) to purchase 5% of the total capital stock of OGX at a price of R$6.30 per share from Mr. Eike Batista, OGX‘s Controlling Shareholder.
This Call Option can be exercised at any time until April 2015 and will not involve any issuance of new shares or imply dilution for minority shareholders since the shares will come from the current holdings of OGX´s Controlling Shareholder.
Luiz Carneiro, CEO of OGX, commented:
“OGX´s partnership with Petronas, a major oil company, underscores the quality of our asset and the potential of the Tubarão Martelo Field, where production is expected to commence by the end of the year. With more than 32 billion barrels of recoverable resources and a production of about 2 million boe per day, Petronas´ expertise will enhance the continued development of oil production in these areas.
The interest shown by Petronas in the Call Option to acquire 5% of our company in the future also shows the quality of our management team and our future growth opportunities.”