OGX, through its subsidiary OGX Maranhão, has identified the presence of gas in the Lower Devonian section of well 1-OGX-22-MA, in block PN-T-68, in the onshore basin of Parnaiba. OGX Maranhão, an entity formed by OGX S.A. (66.6%) and MPX Energia S.A. (33.3%), is the operator and holds a 70% stake in this block, while Petra Energia S.A. holds the remaining 30%.
"The newly gathered information supports the perspective of the region's enormous potential, with the discovery of accumulations at different levels and exceptional production potential. Each additional discovery confirms the value of our geological model developed for this new frontier region," commented Mr. Paulo Mendonça, General Executive Officer of OGX.
Following the discovery made in the Upper Devonian section of the Poti Formation, announced on November 17, 2010, the drilling of the well OGX-22 continued and a new accumulation of gas in the Lower Devonian age of the Cabeças Formation was identified. An intermediate logging was performed, enabling the determination of the net pay of both formations, approximately 49 meters and 47 meters, respectively.
In addition, OGX also reported additional data obtained from the drillstem test performed in the Upper Devoninan section, announced on November 17, 2010, which indicates that the well has a potential production of up to 3.4 million cubic meters per day in Absolute Open Flow (AOF).
The drilling of the well OGX-22, a prospect also known as Fazenda São José, is expected to continue to an estimated total depth of 3,200 meters, targeting new exploratory objectives. The well, located in the PN-T-68 block, is situated in the city of Santo Antônio dos Lopes, approximately 260 kilometers from São Luis, the capital of the state of Maranhão. The rig QG-1 initiated drilling activities there on October 23, 2010.
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