OGX down 39pc as Brazil oil company fights to survive

Brazilian billionaire Eike Batista’s flagship oil company OGX Petroleo e Gas has slashed capital spending and pulled the plug on three offshore oil prospects, the latest move by his EBX Group to bolster finances and avert collapse.

OGX shares fell as by as much as 39 per cent, touching a record low. Once Brazil’s second largest oil company by market value and a symbol of Brazil’s now-stalling, decade-long commodities boom, OGX shares are trading at less than 3 per cent of their all-time high.

via Business feed http://www.scmp.com/business/money/markets-investing/article/1273772/ogx-down-39pc-brazil-oil-company-fights-survive