document: The ANP in late January 2020 approved the transfer of ExxonMobil's 35% working interest in the POT-M-475 and 50% in the CE-M-603 block in the Potiguar and Ceara basins to Ouro Preto Oleo e Gas (OP Energia) and Azibras. Both blocks are undrilled. OP will now be the operator in both blocks with a 30% working interest in partnership with Azibras, which will have 70%. ExxonMobil previously operated both blocks and Azibras had 65% in POT-M-475 and 50% in CE-M-603. The first period of exploration for both blocks is due for expiry in 2021 and the second period will end in 2023. The ANP in late July 2019 approved a two-year extension of the first phase of exploration for both these Round 11 offshore, frontier blocks. With the extensions the first period of exploration will expire in July 2021 for the CE-M-603 block and in August 2021 for the POT-M-475. AziLat since 2016 has been looking to farm down its interests on these conjugate equatorial margin blocks. Both blocks have recent 3D seismic data. AziLat on 20 October 2015, announced an agreement to buy a share of the two offshore blocks from the bankrupt Oleo e Gas Participacoes (OGPar). The blocks were awarded in 2013.
summary: ExxonMobil transferred 35% WI in the POT-M-475 and 50% in the CE-M-603 block in the Potiguar and Ceara basins to Ouro Preto Oleo e Gas (OP Energia) and Azibras. Both blocks are undrilled. OP will now be the operator in both blocks with a 30% working interest in partnership with Azibras, which will have 70%.