QGEP reports discovery at Block BM-J-2 in Jequitinhonha Basin

QGEP Participações SA

QGEP Participações SA (BMF & Bovespa: QGEP3) reports that its wholly owned subsidiary Queiroz Galvao Exploration and Production SA (QGEP) has filed a Notice of Discovery (1) with the ANP (National Agency of Petroleum, Natural Gas and Fuel) at well 1-HQ-5A-BAS, located at Block BM-J-2 in the Jequitinhonha Basin in Brazil. QGEP is the operator of the block with a 100% working interest.

Located 20 km off the coast of Bahia state, one well, HQ-5A-BAS, targets the High Canavieiras (JEQ #1) prospect in the pre-salt section. The discovery was determined after the identification of anomalies in the gas detector and oil shows in cuttings, combined with the interpretation of logging-while-drilling profiles.

After the final logging of the well and the performance of formation tests, the company expects to have the necessary data to determine the potential of this discovery. Drilling activities are underway and are expected to be concluded by the end of this quarter, when the final depth of the well will be reached.

In addition to the Jequitinhonha Basin, the company currently has operations in the Camamu-Almada, Campos and Santos basins, and these include fields with proven reserves, contingent, and prospective resources

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