Despite ongoing losses, OGX announced that it has cash to support necessary investments to reach production goals.

FORBES: Oil Billionaire Batista's Fortune Has Slipped By $600M In Six Days

The slump began when OGX reported weak production figures for its first oil wells in June 2012.

FORBES: Eike Batista's Fortune Continues To Evaporate As MMX Declares $400 Million Loss

They sunk tens of millions into his OGX Petroleo firm before it even started drilling for and discovering oil.

FORBES: Connect

On Tuesday night, OGX directors held a teleconference to comment on 2012 fourth quarter results of OGX, the oil company.

FORBES: Oil Billionaire Batista's Fortune Has Slipped By $600M In Six Days

In June OGX, his oil firm, slashed output targets for two offshore wells from 20, 000 barrels a day each to about 5, 000.

ECONOMIST: The dwindling fortune of a Brazilian magnate

The easy answer: he owns significant stakes in various public holdings and one in particular, his oil exploration outfit OGX, has skyrocketed over the last year.

FORBES: Eike Batista Hits a Speed Bump

For BTG Pactual, OGX will be a visible client.

FORBES: Eike Batista's EBX Group Up More Than $1 Billion In One Day After Agreement With BTG

For example: OGX was supposed to be the new Brazilian Petrobras, a state owned juggernaut that exists more as a policy instrument than as an oil and gas explorer.

FORBES: Oil Shares Crashing, Eike Batista Fast Becoming Brazil's Poorest Rich Man

While 50% of GDP is driven by services, excluding financials, the BOVESPA is crowded and concentrated, with eight stocks making up more than half of the market cap of the exchange: Petrobras, Vale, Itau Unibanco, Ambev, Bradesco, Banco do Brasil, Santander, and OGX.

FORBES: Brazilian Funding Needs Provide Private Equity Opportunity

But OGX underpinned the lot.

ECONOMIST: The dwindling fortune of a Brazilian magnate