Exploration director out at OGX

OGX move: Replaces exploration director

Reuters/Scanpix

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Kathrine Schmidt

 29 August 2012 15:28 GMT

Brazilian independent OGX said Wednesday it was appointing a new exploration director, after which company shares sank in local trading.

OGX has struggled to meet lofty expectations and production targets for its exploration programme in Brazil. Its chief executive, Paulo Mendonca, already stepped down earlier this year.

Company shares dropped 9% Wednesday morning, a Reuters report said.

The company said it would promote Paulo de Tarso Martins Guimaraes, its current executive director for the Campos and Espirito Santo basins, to the top exploration job.

A 20-year veteran at Petrobras, he joined OGX in 2010.

Current director Paulo Ricardo dos Santos will leave the post for “another position in the EBX Holding group,” the company said…

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