QGEP Receives ANP Approval for Development of the Oliva Field

abarrelfullabarrelfull wrote on 22 Apr 2015 12:20

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September 03, 2013

QGEP Participações S.A. (BMF&Bovespa: QGEP3, "Company") today announced that its wholly owned subsidiary Queiroz Galvão Exploração e Produção S.A. ("QGEP") has received ANP approval for its Development Plan for the Oliva Field on August 21, 2013.

Located in Block BS-4, the Oliva Field is a post-salt oil field positioned approximately 185 km off the coast of Brazil in the Santos Basin. Block BS-4 also encompasses the Atlanta Field, which is currently in the development phase. QGEP is the operator of the Block and owns a 30% participating interest.

The approved Development Plan for Oliva calls for the drilling of an appraisal well in 2016 in order to acquire reservoir data. The Company will subsequently carry out a test in order to verify the reserve estimates and support the production curve. The Development Plan also includes the drilling of five producing wells and three injection wells, all horizontal, which will be tied back to the facilities at the Atlanta Field. First oil from Oliva is expected in 2021.

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