OGX says oil flow is normalized in Tubarao Martelo

Company has extracted 333,100 barrels.

OGX
21/01/2014 13:19

OGX says oil flow is normalized in Tubarao Martelo

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Investors of Óleo e Gás Participações, ex-OGX, received encouragement yesterday morning (20). The company formerly controlled by Eike Batista, said it is producing and selling oil from the Tubarão Martelo field. In December, the company says it has extracted 333,100 barrels. According to market estimates, this represents a turnover of $ 30 million.

It is the first shipment after the bankruptcy filing of the company, announced in October. The company operates in Tubarão Martelo with two wells and is expected by May two come into operation. Between 2012 and 2013, OGX effected six shipments of oil for sale, equivalent to US$ 754 million.

The news of retomoda the process of selling the company is a positive signal in relation to cash flow. Note, the Óleo e Gás Participações said it has" has its normal flow of oil sales as originally planned", but does not comment on details of values. The news came at a good time. Closes on Friday, 24 , the deadline for the OGP extract oil from fields that explores. No signs of oil, the company ran the risk of having their leases canceled by the BrazilianPetroleum Agency (ANP), industry analysts say.

The news rocked the company's shares on the Stock Exchange. Because they are traded by a few cents, shares of OGX present a statistical distortion with the news of the sale. The rise of R$ 0.26 to R$ 0.27, lowest possible oscillation, since there is no smaller than the dime currency , the papers report a significant oscillation of 3.85%. So on the morning of Monday , prices ranged from a low of R$0.26 to R$0.29 maximum, up 11.54%.

In the third quarter of last year, the company made a loss of R$2.11 billion, an increase of 516.4% in loss in the same period of 2012. The company's debt is estimated at US$ 11.4 billion.

Investors of Oleo e Gas Participaçoes, ex-OGX, received encouragement yesterday morning (20). The company formerly controlled by Eike Batista, said it is producing and selling oil from the Tubarao Martelo field. In December, the company says it has extracted 333,100 barrels. According to market estimates, this represents a turnover of $ 30 million.

It is the first shipment after the bankruptcy filing of the company, announced in October. The company operates in Tubarao Martelo with two wells and is expected by May two come into operation. Between 2012 and 2013, OGX effected six shipments of oil for sale, equivalent to US$ 754 million.

The news of retomoda the process of selling the company is a positive signal in relation to cash flow. Note, the Oleo e Gas Participações said it has" has its normal flow of oil sales as originally planned", but does not comment on details of values. The news came at a good time. Closes on Friday, 24 , the deadline for the OGP extract oil from fields that explores. No signs of oil, the company ran the risk of having their leases canceled by the BrazilianPetroleum Agency (ANP), industry analysts say.

The news rocked the company's shares on the Stock Exchange. Because they are traded by a few cents, shares of OGX present a statistical distortion with the news of the sale. The rise of R$ 0.26 to R$ 0.27, lowest possible oscillation, since there is no smaller than the dime currency , the papers report a significant oscillation of 3.85%. So on the morning of Monday , prices ranged from a low of R$0.26 to R$0.29 maximum, up 11.54%.

In the third quarter of last year, the company made a loss of R$2.11 billion, an increase of 516.4% in loss in the same period of 2012. The company's debt is estimated at US$ 11.4 billion.