OGX Petróleo e Gás Participações S.A. , the Brazilian oil and gas company responsible for the largest private sector exploratory campaign in Brazil, announced today that it has identified an oil-bearing interval in the Albian section of well 3-OGX-21D-RJS, the first appraisal well targeting the Waimea accumulation previously discovered through the drilling of wildcat well OGX-3.
This appraisal well is located in the BM-C-41 block, in the shallow waters of the southern part of the Campos Basin. OGX holds a 100% working interest in this block.
To date, an oil column of approximately 21 meters with about 14 meters of net pay was encountered in carbonate reservoirs in the Albian section, which correspond to those previously identified through well OGX-3. The well was still in the hydrocarbon zone when drilling was interrupted in order to conduct sampling, with the objective of running additional studies on the reservoirs. Once sampling has been concluded, drilling will resume in order to determine the total column and net pay. This well will be used as a pilot for a horizontal well, in which a cased hole drillstem test will be conducted. The OGX-21D well, located in the BM-C-41 block, is situated 84 kilometers off the coast of the state of Rio de Janeiro at a water depth of approximately 134 meters. The rig Sea Explorer initiated drilling activities there on September 28, 2010.
ABOUT OGX
OGX Petróleo e Gás SA is focused on oil and natural gas exploration and production and is conducting the largest private sector exploratory campaign in Brazil. OGX has a diversified, high-potential portfolio, comprised of 29 exploratory blocks in the Campos, Santos, Espírito Santo, Pará-Maranhão and Parnaíba Basins, in Brazil, and 5 exploratory blocks in Colombia, in Middle Magdalena Valley, in Lower Magdalena
Valley and in Cesar-Ranchería basins. The total extension area is of approximately 7,000 km² in sea and approximately 34,000 km² in land, with 21,500 km² in Brazil and 12,500 km² in Colombia. OGX relies on an experienced management team and holds a solid cash position, with approximately US$3.4 billion in cash to fund its E&P investments and new opportunities. In June 2008, the company went public raising R$6.7 billion, the largest amount ever raised in a Brazilian primary IPO at that moment. OGX is a member of the EBX Group, an industrial group founded and under the leadership of Brazilian entrepreneur Eike F. Batista, who has a proven track record in developing new ventures in the natural resources and infrastructure sectors.
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Source: OGX, October 22, 2010;