OGX Hits Paydirt in Campos Basin

OGX has identified the presence of hydrocarbons in the Aptian section of well 1-OGX-20-RJS, located in the BM-C-41 block, in the shallow waters of the Campos Basin. OGX holds a 100% working interest in this block.

Following the recently announced discoveries in the Maastrichtian and Albian sections of well OGX-20, the drilling of this well proceeded to the Aptian section, where an oil column of about 128 meters with approximately 42 meters of net pay was encountered in carbonate reservoirs. The drilling of OGX-20, Tupungato prospect, is still in progress and is expected to reach a depth of approximately 4,000 meters.

The OGX-20 well, located in the BM-C-41 block, is situated approximately 85 kilometers off the coast of Rio de Janeiro at a water depth of about 130 meters. The rig, Ocean Ambassador, initiated drilling activities there on September 5, 2010.

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