OGX 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.

The transaction is subject to approval from Brazil’s National Petroleum, Natural Gas and Biofuels Agency (ANP) and the Brazilian Council for Economic Defense (“CADE”).

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.

Tags: OGX Petroleo e Gas Participacoes SA, PETRONAS