QGEP announces relinquishment of two Blocks in the Pernambuco-Paraíba Basin

Tuesday, September 11, 2018

QGEP Participações press release

QGEP Participações S.A. ("QGEP," "Company," B3: QGEP3), announced that it has informed the National Agency of Petroleum, Natural Gas and Biofuels (ANP) of its decision to relinquish the PEPB-M-896 and PEPB-M-894 Blocks in the Pernambuco-Paraíba Basin.

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The Company acquired a 30% working interest in these blocks in the 11th ANP Bidding Round and their exploratory periods end this month. This decision resulted from the Company's ongoing optimization of its portfolio.

QGEP's commitments undertaken in the Minimum Exploratory Program (MEP) related to these two blocks amounts to R$10.8 million and the amount recorded as a signature bonus was R$0.9 million. These amounts will be written-off and the charge will be reflected in the third quarter 2018 results.