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Brazil: OGX Delivers Waimea Oil to Shell

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Last week, OGX, the Brazilian oil and gas company responsible for the largest private-sector exploratory campaign in Brazil, has delivered its first shipment of approximately 600,000 barrels of oil to Shell Western Supply and Trading Ltd. (“Shell”).

On March 27, 2012, the Company, owned by Eike Batista, initiated the process of offloading the first shipment of OGX’s oil. At the conclusion of the procedure, a Bill of Lading was issued certifying that the shuttle tanker had taken possession of the oil. This shipment is bound for Europe, where Shell intends to process the oil in one of its refineries. On October 2011, OGX signed its first sales contract with the Anglo-Dutch partner, for the delivery of 1.2 million barrels of oil in two batches of 600,000 barrels each.

“The shipment of the first batch of oil to Shell represents the beginning of OGX’s cash generation and an important step towards the establishment of the Company as a major player in global E&P,” commented Paulo Mendonça, general Officer and Exploration Officer of OGX.

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