QGEP Estimated New Initial Production for the Atlanta Field

Source: www.gulfoilandgas.com 3/10/2016, Location: South America

QGEP Participacoes S.A. disclosed to its shareholders and the market the new initial daily production estimate for the Atlanta Field.

The start of the Early Production System (EPS) production was postponed to the fourth quarter of 2016 with an average daily estimate of 20.000 barrels of oil, considering the two wells already drilled and completed. This projection has a possible margin of error of plus or minus 10% from this number.

The Company had previously projected an average daily production of 30.000 barrels per day, considering three producing wells, as disclosed in item 11 of the Reference Form. The decision on the timeline for drilling the third production well will be made in a timely manner, taking into account the global price of oil and the additional investment necessary. As a result, the Company will no longer disclose an estimated production curve for the Atlanta Field until the timeline of third well is defined, when a new production curve will be disclosed.

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