OGX Rises After Declaring Three Fields Commercial: Rio Mover
OGX Petroleo & Gas Participacoes SA, Brazil’s biggest decliner this year, rose the most in a week after declaring three fields commercial.
OGX, controlled by billionaire Eike Batista, gained 0.8 percent to 2.39 reais at the close of trading in Sao Paulo. Brazil’s benchmark stock index fell 0.2 percent.
The Rio de Janeiro-based explorer yesterday announced there was up to 1.3 billion barrels of oil in place at the Tubarao Tigre, Tubarao Gato and Tubarao Areia fields that it declared commercial in the Campos Basin. The company also said it submitted evaluation plans to the National Petroleum Agency for six other discoveries in the Campos and Santos basins.
OGX will probably extract a total of 245 million barrels from the three fields it declared commercial, Caio Carvalhal, an analyst at JPMorgan Chase & Co. (JPM), said today in a note to clients. The volumes OGX announced yesterday are “in excess” of investors’ expectations, he said.