This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

GTU Plant View

In a 12-day production period in January and with only one turbine operating, we registered an average net gas production of 3.2 kboepd (0.5 M m³/d), while in February, operating with 2 turbines since February 9 th, we registered an average net gas production of 5.5 kboepd (0.9 M m³/d). The third turbine was synchronized with the system on March 16, 2013.

During 2012, we accelerated the project’s implementation, concluding the construction of the plant and most of the facilities for the GTU operation. We also obtained all necessary licenses (preliminary, installation and operation) authorizing the commencement of natural gas production in the Gavião Real and Gavião Azul fields.

The GTU commissioning was initiated at the end of November 2012, and lasted approximately two months. Performance was in-line with our expectations. In addition, the drilling and completion of all 16 production wells planned for this phase of the project have been concluded, and the wells which are not yet producing are in the process of connection to the GTU. We also concluded the drilling of the water disposal wells, GVR-15D and GVR-16D, which will be completed soon.

The table below shows the pro-forma GTU EBITDA after the first two months of operations. The EBITDA margin of approximately 73% reflects the asset’s profitability, still leaving space for margin increase with the full ramp-up of our production with the final commissioning of the two remaining turbines.

 
GTU Parnaíba         Jan-13     Feb-13     Total
 
Operation Period¹ 6 days 31 days
 
OGX Maranhão gas production - in Mm3         3.62       35.42       39.04  
 
R$ ('000)
Revenues² 4,259 18,504 22,763
 
Sales Taxes³         (433 )     (2,088 )     (2,521 )
O&M         (1,089 )     (1,246 )     (2,335 )
Royalties & Landowners' right         (272 )     (1,038 )     (1,310 )
 
EBITDA 2,465 14,132 16,597
 
% EBITDA / Revenue 57.88 % 76.37 % 72.91 %

EBITDA / Mm3 - (R$/Mm3)

        681.71       398.97       425.16  
 
Notes:
¹ Closing date for accounting numbers: 25 th day of the month
² Gross revenue composed by gas sales revenue and GTU rental revenue
³ Sales taxes composed by: PIS/COFINS/ICMS
 

EXPLORATION

CAMPOS BASIN

In 2012, we concentrated our exploration efforts on completing the assessment of the Waimea, Waikiki and Pipeline complexes. Simultaneously, we drilled new prospects, focusing on the BM-C-37 and BM-C-38 blocks, thus far relatively unexplored areas.

9 of 17

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,563.30 -317.06 -1.88%
S&P 500 1,930.67 -39.40 -2.00%
NASDAQ 4,369.7730 -93.1290 -2.09%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs