Bad news for Tubaro Azul

By Fabio Palmigiani

 28 June 2012 22:59 GMT

Brazilian independent OGX has estimated that its Tubarao Azul field in the Campos basin will produce just 5000 barrels of oil equivalent per day from each of the first two wells already on stream.

The number, which does not include the impact of any water injection operations, is significantly less than the range of between 15,000 and 20,000 barrels per day of oil that OGX had initially forecast per well.

The reduced estimates were a significant blow for OGX shares, which slid as much as 26% in the wake of the news.

OGX started an extended well test at Tubarao Azul, formerly known as the Waimea accumulation, earlier this year.

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