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Thursday, December 12, 2013

OGX Starts Output From Second Offshore Tubarão Martelo Well

Apparently in Brazil a company can change its name during bankruptcy.  This seems confusing insofar as people dealing with the renamed company may not realize it is bankrupt.  Perhaps that is the point of OGX's name change?  Or what is going on?

Per www.globalinsolvency.com:

Tue., December 10, 2013

Brazil's Petróleo e Gas Participações SA, controlled by former billionaire Eike Batista, started oil production from a second well in its Tubarão Martelo offshore field, according to a regulatory filing on Monday. Output from the OGX-44HP well began on Saturday, the filing said. Petroleo e Gas Participações SA is the new name of OGX Petroleo e Gas Participações, the company said in a statement late Friday. Output from the field's first well, also in Tubarão Martelo, was announced on Friday. Tubarão Martelo is considered OGX's last chance to generate cash and convince creditors to accept a reorganization plan after filing for bankruptcy on Oct. 30.





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