Dommo Energia SA through a press release on 17 October 2017 indicated that it agreed to sell 30% of its 40% working interest to Azibras Exploracao de Petroleo e Gas Ltda in the BS-004 contract, Atlanta and Oliva production concessions.Â  The terms of the deal are for Azibras to pay the cash calls in arrears of approximately USD 33 million and contingent payments of USD 30 million.Â  The transaction is subject to various creditor, BS-004 contract partner, and ANP approvals.Â  Queiroz Galvao is operator of the BS-004 contract with a 30% working interest while partners were Dommo with 40%, and Barra Energia with 30%.Â  After formal approvals Queiroz Galvao will have a 30% working interest as operator, Azibras will have 30%, Barra Energia will have 30%, and Dommo will retain a 10% working interest.Â  The operator is preparing for production startup in the Atlanta production concession in 1st quarter 2018, delayed from 4th quarter 2017.Â  Azibras is a subsidiary of the Seacrest Group. On 10 November 2016 Queiroz Galvao reported its 3rd quarter 2016 earnings and highlighted the progress of the BS-004 contract, Atlanta production concession pilot production scheme.Â  The operator reported that the FPSO Petrojarl I arrival and installation would be delayed until 3rd quarter 2017 and first oil is now expected in the 4th quarter.Â  The delay of the FPSOâs arrival is due to modifications to the topsides.Â  The following information is the detailed information regarding the development project as reported in 2014.Â  Queiroz Galvao reported more recently that the project drilled horizontal sections in the two development wells of 750 m with 9 1/2â casing set.Â  The company gravel packed the completion sections and will utilize some innovative production techniques to produce the heavy oil similar to what has been utilized by Statoil in the Peregrino field and which it has many similarities except for being in deep water, 1,550 m. Queiroz Galvao reported on 17 December 2014 that it signed a contract with Teekay Offsore for a 30 Mbo/d capacity FPSO for its pilot production scheme for the Atlanta production concession.Â  The FPSO was originally contracted for USD 480,000/day, but reduced to USD 410,000/day in 2017, and will be utilized to start first production in the Atlanta Field by connecting two horizontal wells completed and tested in 2014.Â  The total cost through the pilot development phase of the project was reported to be USD 520 million.Â  First production for the unit was scheduled for mid-2016 after the ANP on 23 December 2014 granted the operator authorization to postpone production startup until 2016.Â  In 2015 the operator will contract for umbilicals and flexible lines to tie-in the two producing wells. The operator projects that the two current wells will produce approximately 25,000 bo/d and plans to drill a third producer for USD 100 million may be postponed due to the current oil price situation.Â  Queiroz Galvao has plans to tender for a definitive FPSO of 100 Mbo/d production capacity in 2017 that would come online in 2019 or 2020 with 10 additional production wells.Â   Dommo Energia SA, formerly OGX Petroleo e Gas SA and successor in bankruptcy Oleo e Gas Participacoes SA (OGPar), issued a press release on 19 September 2017 indicating that shareholders officially approved a corporate name change from OGX Petroleo e Gas SA to Dommo Energia.Â  The company recently emerged from bankruptcy.Â  OGPar has 25.89% of the equity in the company.Â Â  Dommo still operates two active contracts 100%, the BM-C-039 contract, Tubarao Martelo production concession and the BM-C-041 contract, Tubarao Azul production concession with the official ANP operator name changed to Dommo from OGPar on 20 September 2017.Â  The company also has a 40% non-operating working interest in the BS-004 contract, Atlanta and Oliva production concessions under the OGX Petroleo e Gas SA subsidiary name.Â  The official name changes were approved by the ANP on 20 September 2017.Â  Dommo, through OGX also has 6.22% equity in Eneva that is operating all of the gas producing and electrical generating assets in the Parnaiba Basin through various subsidiaries.Â  The company is in the process of decommissioning the Tubarao Azul field in 3rd and 4th quarter 2017 and will relinquish the contract once completed.Â  It also reported it may sell its 40% working interest in the BS-004 contract.Â   Â 
Dommo Energia (->10%, Queiroz Galvao E&P 30% op, Barra Energia 30%) has agreed to sell a 30% working interest in the Atlanta heavy oilfield in BS-004 block to AziLat Petroleum for US$63 MM.