OGX Revises Net Pay of Campos Basin Well, Sees More Oil

OGX has revised the column and net pay in the Albian section of well 1-OGX-14-RJS. In addition, the Company has identified another oil-bearing interval in the same section of well OGX-14, which is located in the BM-C-40 block, in the shallow waters of the southern part of the Campos Basin. OGX holds a 100% working interest in this block.

On June 28, 2010, OGX announced that the Company had found evidence of hydrocarbons in the Albian section of well OGX-14. Further drilling and the conducting of new studies, including logging tests, lateral core sampling, pre-tests and a cable test, led to a better understanding of the first discovery and the identification of a new accumulation in the Albian section. The column and net pay of the previously announced discovery were revised to approximately 90 meters from 60 meters and to around 35 meters from 22 meters, respectively. In addition, a new oil column of about 55 meters with approximately 27 meters of net pay was encountered also in carbonate reservoirs.

"The size and significance of the discoveries in this well highlight to us the importance of our northern blocks located in the Campos Basin. These positive results have led us to prioritize this area in our future drilling within the Basin," commented Paulo Mendonça, General Executive Officer of OGX.

The OGX-14 well, also known as Peró, located in the BM-C-40 block, is situated approximately 96 kilometers off the coast of the state of Rio de Janeiro at a water depth of approximately 104 meters. The rig Ocean Lexington, provided by Diamond Offshore, initiated drilling activities on May 30, 2010.

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