OGX announced the result of its participation in the bidding process for the Open Round Colombia 2010, held in the city of Cartagena, Colombia.
OGX, through its subsidiary OGX Petróleo e Gás Ltda ("OGX Ltda"), offered winning bids for five exploratory blocks in three onshore basins: Cesar-Ranchería, Lower Magdalena Valley and Middle Magdalena Valley. The formal awarding of the concessions by the National Agency of Hydrocarbons ("ANH") is expected to occur in the coming days.
"OGX's participation in this round represents an important step in the expansion of our exploratory efforts and was based on our belief that these high potential assets have characteristics that could lead to large discoveries," commented Paulo Mendonça, General Executive Officer of OGX. "Our participation in this process is a clear indication that the Company is positioned to pursue assets in locations where we have experience and differentiated knowledge," added Mr. Mendonça.
The strategy in entering in Colombia was based on the extensive experience of our team in the region, especially the General Executive Officer, Mr. Paulo Mendonça, who worked successfully for seven years in the country.
The five acquired blocks encompass an area of 12.5 thousand km² in onshore sedimentary basins at different stages of maturity and offer significant exploratory potential. OGX has committed to a total investment of approximately US $125 million over the first three years for the initial exploratory period, which includes the acquisition of seismic data and the drilling of wells.
With this result, OGX's portfolio has increased to 34 exploratory blocks, 12 of which are onshore and 22 offshore, totaling an area of approximately 41,000 km².
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