OGX, Eike, knew since 2012 that reserves could be 82% smaller
A year before the real situation of the company come to the fore, studies done at the request of the board of OGX, Eike Batista, indicated that the major areas of the company's oil in the Campos Basin (RJ) could have reserves equivalent to only 17, 5% of what had been disclosed to the market, documents reveal the oil obtained by Folha.
The pessimistic projections, the result of OGX's technical assessments and confirmed by an external service provider, came to pick a fight within the company and were not made public at the time. The oil company preferred to await the production of some wells.
Report showed impairment in fields
Through a note, OGX said that "the market always kept up to date on production projects, avoiding the dissemination of incomplete information." With debts of U.S. $ 11 billion, the company filed for bankruptcy protection on Wednesday last, with the shares at R $ 0.13.
According to the documents, the reservoir engineers OGX, responsible for determining the extent of the economically viable reserves, indicated in July 2012 that the company could withdraw 315 million barrels of the main areas in Campos - well below the 1.8 billion barrels informed capital market.
A second report, made months later, pointed in the same direction.
Prepared by a group that included Schlumberger, a renowned company in the sector, deepened the evaluation on specific areas, which became fields Sand Shark, Tiger Shark and Shark Cat.
The volume of oil economically viable (recoverable) for these areas was estimated at 43 million barrels, less than the initial assessment of technical OGX (75 million) and the latest information available to the market, at least 1.4 billion barrels.
According to article 157, paragraph 4, of the Law of Corporations, "administrators are required to immediately report that fact could influence investors' decisions."
In paragraph 5, states that "the directors may refuse to provide information if they consider that their disclosure may jeopardize the company's legitimate interests."
"They should have disclosed that there was so much uncertainty about the estimates.'s Trial was correct that should have been left to the investor," says Norma Parente, a former director of the CVM (Brazilian Securities Commission).