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OGX Starts Output from Second Tubarao Martelo Well

Source: Reuters 12/9/2013, Location: South America

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Brazil's Petroleo e Gas Participacoes SA, controlled by former billionaire Eike Batista, started oil production from a second well in its Tubarao Martelo offshore field, according to a regulatory filing.

Output from the OGX-44HP well began on Saturday, the filing said. Petroleo e Gas Participacoes SA is the new name of OGX Petroleo e Gas Participacoes, the company said in a statement late Friday.

Output from the field's first well, also in Tubarao Martelo, was announced on Friday.

Tubarao Martelo is considered OGX's last chance to generate cash and convince creditors to accept a reorganization plan after filing for bankruptcy on Oct. 30.

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