OREANDA-NEWS. October 30, 2012. OGX, Brazil's largest private oil and natural gas exploration company, announced that given the great number of opportunities in the oil and gas sector, its controlling shareholder, Eike Batista, granted to the Company the right to demand the subscription of new common shares of OGX, at a price per share of BRL 6.30. The amount is limited to the equivalent of USD 1.0 billion (“Put” or “Option”).

The Option is conditional upon the Company’s additional capital requirement and the absence of more favorable alternatives, which will be determined by the majority of the independent board members on the Company's Board of Directors. This option will expire after April 30, 2014.

“This option underpins my confidence in OGX’s technical expertise and quality assets, as well as the new opportunities that the oil and gas sector offer to OGX,” commented Eike Batista, controlling shareholder and President of the Board of Director of OGX.