QGEP announces relinquishment of Camarão Norte Discovery

Friday, October 12, 2018

QGEP Participações press release

QGEP Participações S.A. ("QGEP," "Company," B3: QGEP3), 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 Camarão Norte discovery located south of the Manati Field, in the Camamu-Almada Basin.

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QGEP holds a 45% interest in the Camarão 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 Camarão Norte discovery is R$2.0 million net to QGEP and will be written-off as a charge to the Company's third quarter's results.