OGX Maranhao Acquires Participation in Onshore Block in Parnaiba Basin
OREANDA-NEWS. September 13, 2011. MPX announced today the acquisition, through its associate company, OGX Maranhao, of a 50% stake in the onshore exploratory block, PN-T-
"This acquisition strengthens our already successful strategy of integration between natural gas E&P and power generation, creating additional opportunities to expand our operations in the
To acquire this participation, OGX Maranhao paid the Consortium an amount equivalent to the signature bonus and expenses previously incurred. In addition, OGX Maranhao has committed to exploration activities of this block.
With this additional concession, OGX Maranhao now holds positions in 8 onshore exploratory blocks in the Parnaiba Basin with total area exceeding
OGX Maranhao expects to begin activities by acquiring seismic data for this block in the coming weeks.
OGX Maranhao currently has two drilling rigs and two seismic crews accounting for more than 1,000 people working in the region. The drilling of the first production well in the Gaviao Real field, which should start producing in the second half of 2012, has already been initiated. In addition, a third onshore rig has been hired for the
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