Problem in FPSO OSX-3 Causes Tubarao Martelo Halted Production

Source: www.oilegypt.com 11/9/2015, Location: South America

OGPar & OGX announce to its shareholder and the market in general that, the production in Tubarao Martelo Field was temporarily halted due to a problem in the FPSO OSX-3 Turbo-Generator (TG).

The Companies state that there was no environmental damage or accidents involving the platform crew.

The production interruption can impact negatively OGX income originated from the sales of oil. However the resources from the sales of (i) shares held by OGX in Parnaiba Gas Natural S.A. ("PGN"), which transaction is in progress, (ii) equipment that belongs to Parnaiba B.V. and are used by PGN Gas Treatment Unit, and (iii) royalties of Colombian assets, will be enough for OGX maintain its short, medium, and long term commitments.

OGX technical team is working to production return to levels reached before the incident as soon as possible.

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

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