OGX Petroleo e Gas Participacoes S.A. , the Brazilian oil and gas company responsible for the largest private sector exploratory campaign in Brazil, announced today the presence of hydrocarbons in the Albian section of well 1OGX28DRJS, which is located in the BMC41 block, in the shallow waters of the Campos Basin.
OGX holds a 100% working interest in this block.
This discovery reinforces the significant extent of the carbonate platform in the Albian section found in the south of the Campos basin, commented Paulo Mendonca, General Executive Officer of OGX. The year of 2011 will see the continuation of the exploratory campaign, with drilling in new frontiers and important advances in the delineation of our discoveries, as well as initial production, added Mr. Mendonca.
A hydrocarbon column of about 52 meters with approximately 24 meters of net pay was encountered in carbonate reservoirs in the Albian section. The drilling of the OGX28D well, a prospect known as Illimani, is still in progress and is expected to reach an estimated final depth of 3,700 meters.
The OGX28D well is located in the BMC41 block and is situated about 80 kilometers off the coast of the state of Rio de Janeiro at a water depth of approximately 126 meters. The rig, Ocean Star, initiated drilling activities there on December 28, 2010.
ABOUT OGX
OGX Petroleo e Gas 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, highpotential portfolio, comprised of 29 exploratory blocks in the Campos, Santos, Espirito Santo, Para]Maranhao and Parnaiba Basins, in Brazil, and 5 exploratory blocks in Colombia, in Middle Magdalena Valley, in Lower Magdalena Valley and in Cesar ]Rancheria 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, January 24, 2011;