QGEP Purchases Shell Stake in Santos Basin

QGEP Participacoes announced that Queiroz Galvao Exploracao e Producao S.A. ("QGEP"), a wholly owned subsidiary, has entered into a purchase and sale agreement for the acquisition of 10% of Shell Brasil Petroleo Ltda's participating interest in Block BM-S-8 located offshore in the Santos Basin. Shell currently owns a 20% working interest in the block, which is operated by Petrobras, and owned by a consortium comprised of Petrobras, Petrogal and Shell.

The transfer of Shell's participating interest to QGEP is subject to approval by the ANP.

"This farm-in agreement demonstrates our strategy of building value by investing in high quality assets that diversify and strengthen our portfolio," said Jose Augusto Fernandes Filho, QGEP's Chief Executive Officer.

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