BRIEF-QGEP to assume Pacific Brasil's working interest in three exploratory blocks

martes 18 de octubre de 2016 07:35 GYT

Oct 18 (Reuters) - QGEP Participacoes SA :

* Said on Monday it had reached an agreement to assume working interest that its partner Pacific Brasil Exploracao e Producao de Oleo e Gas (Pacific Brasil) holds in three exploratory blocks in the Foz do Amazonas and the Para-Maranhao basins

* As part of the agreement, Pacific Brasil will pay the outstanding amount related to seismic data acquisition for the blocks and will pay $10 million to compensate QGEP for part of the minimum financial obligations

* QGEP to become the only concessionaire in the blocks upon the transaction

* The additional amount of QGEP's commitments to the Minimum Exploratory Programme based on its increased participation in these blocks is 132 million Brazilian reais ($41.0 million); the amount to be reduced to 86 million reais by the end of next year

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($1 = 3.2210 reais) (Gdynia Newsroom)