QGEP Provides Guidance on Manati Field Gas Production

Source: www.gulfoilandgas.com 7/4/2016, Location: South America

QGEP Participacoes S.A. (QGEP) announces Manati gas production averages for the second quarter and first half ended June 30, 2016.

For the second quarter, gas production averaged 5.0 MMm3 per day, comprised of 6.0 MMm3 of production in April, followed by lower production in May and June, reflecting the significant decline in gas consumption throughout Brazil. As a result, the Company is revising its guidance and now expects production to average 5.1 MMm3 per day for full year 2016, from a previous estimate of 5.7 MMm3 per day, taking into consideration a scenario of low demand for the next six months. The Company reaffirms that Manati Field's production capacity will remain at 6.0 MMm3 per day. QGEP estimates that Manati Field's EBITDAX margin will range from 60% to 65%, more than sufficient to support current operations.

"Over the last twelve months, Brazilian gas consumption has declined by around 25% according to the last data released by the Ministry of Mines and Energy (MME), creating an oversupply of natural gas," said Lincoln Guardado, Chief Executive Officer. "Within this environment, QGEP's gas production is projected to decline by 10% in 2016, but fortunately, our operations at Manati are efficient and profitable, and we believe this is a cyclical phenomenon and that we will return to previous levels of consumption in the near-term."

"Additionally, our robust balance sheet, with R$1.3 billion of cash at the end of the first quarter, combined with our expected operating cash flow, will allow us to continue all planned work across our developmental and exploratory portfolio in 2016 and 2017," Mr. Guardado concluded.

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