OGX Continues Winning Streak in Campos Basin

OGX has identified an oil-bearing interval in the Albian section in the well 1-OGX-3-RJS, located on 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.

An oil column of over 130 meters with around 80 meters of net pay has been encountered in carbonate reservoirs with certain intervals presenting porosities in excess of 30%. The well OGX-3 remains in the hydrocarbons zone and drilling will continue aiming at additional objectives.

"This discovery in OGX-3 is very significant as it reinforces our belief that we are facing a new oil province in the southern part of the Campos Basin," commented Paulo Mendonça, OGX's General Executive Officer. "We are particularly surprised by the excellent levels of permo-porosity found in the carbonate reservoirs in the Albian section," added Mendonça.

The well is located in the BM-C-41 block and situated approximately 83 kilometers off the coast of the state of Rio de Janeiro at a water depth of approximately 130 meters. Pride International's Sea Explorer semisubmersible rig initiated drilling activities at 1-OGX-3-RJS on November 16, 2009.


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