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http://www.businessweek.com/news/2012-02-01/ogx-rises-to-8-month-high-on-oil-export-license-rio-mover.html

Bloomberg News

OGX Rises to 8-Month High on Oil Export License: Rio Mover

February 01, 2012

(Add closing shares in second paragraph.)

Jan. 26 (Bloomberg) -- OGX Petroleo e Gas Participacoes SA, the oil company controlled by Brazilian billionaire Eike Batista, rose to the highest in almost eight months after being granted a license to export crude from Brazil.

OGX, based in Rio de Janeiro, rose 1.1 percent to close at 16.00 reais at 6:15 p.m. in Sao Paulo trading, the highest since May 31. OGX is up 17 percent this year, more than the 11 percent gain in the benchmark Bovespa index.

The company, which plans to start output this month, was authorized by Brazil’s oil regulator to export, according to a statement published today in the official gazette. Its first production vessel was anchored over the Waimea field in the Campos Basin off Rio’s coast earlier this month to prepare to start pumping crude from the deposit.

OGX announced Jan. 16 the discovery of its thickest oil reservoir to date in the southeastern Santos Basin. The company said it found hydrocarbons in two separate sections of the basin.

--Editors: Carlos Caminada, Dale Crofts, Jose Sergio Osse

To contact the reporter on this story: Rodrigo Orihuela in Rio de Janeiro at rorihuela@bloomberg.net

To contact the editor responsible for this story: Dale Crofts at dcrofts@bloomberg.net


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