OGX to return nine new oil exploration blocks


OGX Petroleum (OGXPY.PK), the flagship of Eike Batista's troubled industrial empire, says it would return nine oil and natural gas exploration blocks it won at an Brazilian auction earlier this year.

OGX will pay a fine of 3.42M Brazilian reais ($1.42M) for returning the blocks.

OGX is banking on the start of oil output at the Tubarao Martelo field to boost revenues.

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