RIO DE JANEIRO, May 8, 2014 /PRNewswire/ -- QGEP Participacoes S.A. (BMF&Bovespa: QGEP3, "Company", "QGEP") discloses today certified reserves for the Atlanta Field, based on a reserve certification, dated March 31st, 2014, prepared by independent consultants Gaffney, Cline & Associates (GCA) and issued on April 30th, 2014.
The main reserve highlights of the certification report of Atlanta Field, prepared by GCA, are as follows:
The certification report considered the Drill Stem Test (DST) results of the first horizontal well drilled at the Atlanta Field by QGEP. Following the first well, a second well was successfully drilled and the DST obtained slightly higher productivity rates than those observed in the first well, which was at the high end of the 6-12kbbl/d range. In this test, the electrical submersible pump was placed on the ocean floor, rather than at the reservoir level, as was the case with the previous well. If this technology is adopted for the full development of the Field, this option may provide significant operational cost reduction.
"The success in our activities at Atlanta Field is an important milestone towards diversifying our revenue resources and consolidating our presence as operator in deep waters. The volumes certified at Atlanta, net to QGEP, represent an increase of more than 100% in the Company's 2P reserves, in boe terms", said Lincoln Guardado, QGEP's CEO. "We are pleased with the results from the Atlanta Field so far, and will keep the market up to date on the development of this asset", said Danilo Oliveira, QGEP's Production Director.
Located in Block BS-4, Atlanta is a post-salt oil field 185 km off the coast of the city of Rio de Janeiro in the Santos Basin, in water depth of approximately 1,500 meters. Queiroz Galvao Exploracao e Producao S.A. is the operator of the Block with a 30% ownership; other consortium members include OGX Petroleo e Gas S.A. (40%) and Barra Energia do Brasil Petroleo e Gas Ltda. (30%).
Conference Call - English | May 8th, 2014 (simultaneous translation) 11:00 a.m. - New York | 12:00 p.m. - BrasiliaDial-in: +1-786-924-6977 Code: Queiroz GalvaoWebcast: click here
