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 the presence of hydrocarbons in the Albian-Cenomanian section of well 1-OGX-25-RJS, located in the BM-C-39 block, in the shallow waters of the Campos Basin. OGX holds a 100% working interest in this block.
A hydrocarbon column of about 125 meters with approximately 116 meters of net pay was encountered in carbonate reservoirs in the Albian-Cenomanian section. The OGX-25 well, a prospect known as Waikiki, is the first one to be drilled in the BM-C-39 block and is located more to the north than the recent discoveries made by OGX in the Campos basin. The drilling is still in progress and is expected to reach an estimated final depth of 3,000 meters.
The OGX-25 well is located in the BM-C-39 block and is situated about 94 kilometers off the coast of the state of Rio de Janeiro at a water depth of approximately 105 meters. The rig, Pride Venezuela(photo), initiated drilling activities there on November 14, 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$3.3 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 ,December 9, 2010; Image: Pride International