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UPDATE 1-Brazil's OGX June oil output up 26 pct from May, shares gain
July 4, 2013 / 1:34 PM / in 4 years

UPDATE 1-Brazil's OGX June oil output up 26 pct from May, shares gain

July 4(Reuters) - Brazilian oil company OGX Petroleo e Gas Participacoes SA said on Thursday that its June oil and natural gas output rose to 23,000 barrels of oil equivalent per day (boepd), up 26 percent from the 18,200 produced in May.

OGX shares jumped 18 percent after the announcement, their first gain in six days.

The production total included 9,700 boepd from its offshore Tubarão Azul field in the Campos Basin and 2.1 million cubic meters (74 million cubic feet) from its share of Gavião Real natural gas field in Brazil’s Parnaiba basin.

Brazil’s oil regulator ANP said on Wednesday that OGX and MPX Energia SA, companies controlled by embattled billionaire Eike Batista’s EBX Group, saw their combined output rise 20 percent in May from the previous month to 23,863 boepd.

Batista stepped down as chairman of MPX on Thursday as dwindling market confidence forced the power producer to scrap a planned share offering.

A local newspaper also reported that OGX has offered to buy back debt from bondholders or convert the bonds into shares on Thursday. Press representatives from Batista’s Grupo EBX holding company declined to comment on the report.

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