OTHER OGX HIGHLIGHTS
Exploration and Development Equipment
In accordance with our plan to gradually return our drilling rigs as a part of our transition to a production-focused campaign in the Campos and Santos Basins, in September, we returned the Ocean Ambassador rig upon completion of the drilling of the TMBT-4HP well and the expiration of our contract with Diamond Offshore.
Operator A Qualification
In October, OGX obtained qualification of Operator A from the ANP, allowing the Company to operate blocks located in deepwaters and ultra-deepwaters, in addition to shallow waters and onshore, where Operator B already operates.
Controlling Shareholder Put Option
On October 24, OGX’s controlling shareholder, Eike Batista, granted the Company the right to demand his subscription of up to US$1.0 billion new common shares of OGX at a price of R$6.30 per share (the “Option”). The Option, which expires after April 30, 2014, is conditional upon the Company’s additional capital requirement and the absence of more favorable alternatives, which will be determined by the majority of the independent board members on the Company´s Board of Directors.
The option reflects Mr. Batista’s confidence in the technical expertise and quality assets of the Company, as well as the new opportunities that the oil and gas industry offers to OGX.
OGX closed 3Q12 with 382 employees and 6,111 third party service providers responsible for conducting all administrative, exploration and oil production activities, up approximately 6% over the same period of the previous year. In addition to our strategy of contracting internationally respected suppliers to conduct operating activities, we maintain a high-performance, streamlined structure focused on managerial excellence. Our team is composed of professionals with broad experience in the oil and gas sector, in addition to young professionals with great potential, educated at the country’s leading universities.