Temporary Interruption of Production on Tubarao Martelo Field

Source: www.gulfoilandgas.com 3/7/2016, Location: South America

Oleo e Gas Participaçoes S.A. - Em Recuperaçao Judicial (OGPar) and OGX Petroleo e Gas S.A. - Em Recuperaçao Judicial (OGX) announce to their shareholders and to the market that the Companies interrupted temporarily the production on Tubarao Martelo Field ("TBMT Field").

On March 03rd, 2016, the Agência Nacional de Petroleo, Gas Natural e Biocombustiveis ("ANP"), Brazilian regulatory agency, authorized the temporary interruption of production on TBMT Field, for the period of one year from the authorization. The agency also states that the demobilization of the FPSO OSX-3 vessel will only occur after the Installations Deactivation Program ("IDP") and the Deactivation and Abandonment Guarantee of TBMT Field are approved and after the presentation of the results from the studies of redevelopment on TBMT Field, within 60 days before the expiration of the period of suspension.

The interruption of TBMT Field for up to one year, will allow the Companies to evaluate during this period a superior way to resume production on the aforementioned field, considering the use of new technologies and economic feasibility of the asset.

The Companies will keep its shareholders and the market informed of any further developments on this matter.

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