Oleo e Gas gives first monthly production figures at Tubarao Martelo

|About: Oleo e Gas Participacoes Sa... (OGXPY)|By:, SA News Editor

Brazil's Oleo e Gas Participacoes (OGXPY, OGXPF) says its only working oil field, Tubarao Martelo, off the coast of Rio de Janeiro, produced 333K boe in December.

At the end of the month, the field was producing ~12.6K bbl/day, still far short of the ~30K the company hopes to achieve when at full production.

"The fact that they were able to produce was positive, [but] it's not enough to regain market confidence," says a local analyst.