OGX Confirms New Albian Play in Santos Basin

OGX Petroleo e Gas Participacoes S.A., the Brazilian oil and gas company responsible for the largest private sector exploratory campaign in Brazil, announced Thursday that it has identified the presence of hydrocarbons in the Albian section of 1-OGX-30-RJS well, in the BM-S-58 block, in the shallow waters of the Santos Basin. OGX holds a 100% working interest in this block.

"OGX-30 (Salvador) confirmed a new play in fractured carbonates in the Albian age, with a significant gas column and a large structured area," stated Paulo Mendonca, General Executive and Exploration Officer of OGX. "This discovery helped us to verify the geological model for this region, enabling us to now begin the appraisal activities for this discovery," added Mendonca.

A hydrocarbon column was encountered in Albian carbonates with approximately 330 meters and extensively fractured through 50 meters in the well section. This discovery is located in an area contiguous to the Belem accumulation which was discovered through the drilling of well OGX-17 and for which the Discovery Evaluation Plan was recently approved by the ANP in the BM-S-56 block. Both discoveries showed similar columns and structures that could be complementary to each other, further increasing the synergy for production.

A drill-stem test was performed, which provided important information for determining the reservoir's parameters, including high pressure and high temperature, and also helped in the fluid analysis. The gas analysis determined that it is a rich gas, with a high calorific value. The next step will consist of performing production tests with equipment that is adjusted for the pressure and temperature of the well.

The OGX-30 well is located in the BM-S-58 block and is situated, approximately 105 kilometers off the coast of the state of Rio de Janeiro at a water depth of approximately 150 meters. The Ocean Quest rig initiated drilling activities in this location on January 11, 2011.

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, high-potential portfolio, comprised of 29 exploratory blocks in the Campos, Santos, Espirito Santo, Para-Maranhao and Parnaba Basins, in Brazil, and 5 exploratory blocks in Colombia, in Middle Magdalena Valley, in Lower Magdalena Valley and in Cesar-Ranchera basins. The total extension area is of approximately 7,000 km in sea and approximately 34,000 km in land, with 21,500 km in Brazil and 12,500 km in Colombia. OGX relies on an experienced management team and holds a solid cash position, with approximately US$2.5 billion in cash (as of March, 2011) 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.

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