Tubarao Azul Field Area Relinquishment

Source: www.gulfoilandgas.com 9/20/2016, Location: South America

Oleo e Gas Participacoes S.A. - Em Recuperacao Judicial (OGPar) e OGX Petroleo e Gas S.A. - Em Recuperacao Judicial (OGX), in accordance with article 157, paragraph 4 of Brazilian Law No. 6.404/76 and CVM Rule No. 358/02, announce to their shareholders and the market in general that, after one year of suspension of production on Tubarao Azul Field, OGX has already requested the license relinquishment to Agencia Nacional de Petroleo, Gas Natural e Biocombustiveis (ANP), the Brazilian regulatory agency.

The Companies did not find a feasible alternative to resume activities on Tubarao Azul Field and, as the field operator, OGX will begin the deactivation and abandonment processes in the aforementioned field, in compliance with ANP and environmental regulatory agencies rules. The Companies are negotiating and preparing to hire suppliers that will take part in the process.

It is worth emphasizing that a share of the resources destined to the deactivation and abandonment processes was transferred to an escrow account pledged in favor of ANP, in compliance with the agreement with the agency.

The Companies will keep their shareholders and the market informed on the conclusion of the processes aforementioned, as well as any events that can influence significantly on their development.

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