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QGEP Announces Relinquishment of Camarao Norte Discovery

Source: www.gulfoilandgas.com 10/11/2018, Location: South America

QGEP Participacoes S.A. (QGEP), announced that the Consortium of Block BCAM-40 has begun the relinquishment process with the National Agency of Petroleum, Natural Gas and Biofuels (ANP) of the Camarao Norte discovery located south of the Manati Field, in the Camamu-Almada Basin.

QGEP holds a 45% interest in the Camarao Norte discovery, which was declared commercial in 2009. After evaluating several development plans and potential unitization to the adjacent area, the consortium concluded that the area is not economically viable and opted for its relinquishment.

The carrying value of the Camarao Norte discovery is R$2.0 million net to QGEP and will be written-off as a charge to the Companyís third quarterís results.

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