Mendonca steps down from OGX

Stepping down: OGX chief executive Paulo Mendonca

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Josh Lewis

 29 June 2012 05:21 GMT

The chief executive of Brazilian explorer OGX has stepped down from the role as the company’s share price continued to fall over concern its output targets for the year would not be met.

In an announcement late on Thursday, OGX said Paulo Mendonca had stepped down from the top job and would now act as a special advisor to the company's billionaire owner Eike Batista.

The move comes the same week the company announced the first wells on stream at its Tubarao Azul field in the Campos basin would produce just 5000 barrels of oil equivalent per day, well below its initial forecast of between 15,000 and 20,000 boepd it had initially forecast.

Following the annoucment, OGX’s share price plummeted 25.33% on Wednesday.

The company…

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