QGEP Provides Manati Field Update
-- Natural Gas Production Capacity Increased to 5.3 MMm(3) per day --
RIO DE JANEIRO, June 22, 2011 /PRNewswire/ -- QGEP Participacoes S.A. (BMF&Bovespa: QGEP3), Brazil's largest private sector Exploration and Production (E&P) company based on annualized daily production of barrels of oil equivalent (BOE), today announced that a fourth well in the Manati Field has returned to production, increasing the Company's production capacity to 5.3 MMm(3) per day.
The Company currently expects to return to a full daily production capacity of 7.8 MMm(3) by August 2011. A return to full capacity at Manati Field remains dependent on supply logistics for the continuity of services required for maintenance.
"We are pleased that the fourth well is now back producing, ahead of schedule, and the expected timeline still allows the Manati Field to attain full production levels for most of the second half of 2011," said Jose Augusto Fernandes Filho, QGEP's Chief Executive Officer.
About QGEP
QGEP Participacoes S.A. is Brazil's largest private sector Exploration and Production (E&P) company in terms of daily production of barrels of oil equivalent (BOE) according to data from the ANP, and the only private Brazilian company in this sector qualified by the ANP in the last two auctions in 2007 and 2008 to act as "Operator A" in Deep and Ultra-Deep Waters. The Company has a diversified portfolio of high quality and high potential exploration and production assets. Furthermore, it owns 45% of the concession for the Manati Field located in the Camamu Basin, which is the largest non associated natural gas field under production in Brazil according to data by the ANP as of November 2010. It has been in operation since 2007, and has production capacity of approximately 50,300 boe per day. For more information, please go to www.qgep.com.br/ri
SOURCE QGEP Participacoes S.A.
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