OGX Spots Oil in Albian Section of Fuji Well, Off Brazil

OGX has identified an oil-bearing interval in the Albian section of well 1-OGX-8-RJS, located in 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 about 180 meters with approximately 43 meters of net pay was encountered in carbonate reservoirs in the Albian section. The well OGX-8, also known as Fuji, is in the final phase of drilling and will target a final depth of approximately 3,600 meters.

The OGX-8 well is located in the BM-C-41 block and is situated approximately 82 kilometers off the coast of the state of Rio de Janeiro at a water depth of approximately 125 meters. The rig Ocean Star, provided by Diamond Offshore, initiated drilling activities on February 25, 2010.

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