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Brazil’s OGX Hit By Reserve Estimate
Posted on April 19, 2011
BY PAULO PRADA AND JEFF FICK
RIO DE JANEIROInvestors slashed nearly $7 billion in market value from the oil company controlled by Eike Batista, Brazil’s richest man, expressing disappointment with a long-awaited estimate for the company’s oil reserves.
Shares of OGX Petróleo e Gas Participações SA plummeted 17% in Brazilian trading Monday, following the release late Friday of an independent audit of the company’s oil assets.
While OGX’s total reserves surged almost 60%, according to the report, many of the reserves have a higher degree of risk than investors had hoped, heightening concerns over the company’s ability to recover some of the oil.
Despite a string …