Feb. 1 (Bloomberg) -- QGEP Participacoes SA, Brazil’s third-largest oil company by market value, fell to the lowest in more than five months after reporting “inconclusive” results at the Ilha do Macuco offshore well in Brazil.
QGEP dropped 2.4 percent to 13.90 reais at 12:25 p.m. in Sao Paulo trading. Earlier it fell as much as 7.1 percent to 13.23 reais, the lowest since Aug. 10.
Petroleo Brasileiro SA, the state-run producer that operates Ilha do Macuco, will continue drilling to reach two additional prospects deeper under the seabed in the area, QGEP said today. Rio de Janeiro-based QGEP has a 30 percent minority stake in the license to explore the well.
The company has natural-gas production at the Manati offshore field and is a minority partner with Petrobras at two areas in deep waters of the Santos Basin, the location of Brazil’s largest discoveries. It’s looking to expand in Brazil and may buy assets Petrobras plans to sell, Chief Executive Officer Jose Augusto Fernandes said Dec. 6.
Petrobras rose 0.6 percent to 24.72 reais.
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