OGX's Waikiki Encounters Hydrocarbons

OGX Petróleo e Gás Participações S.A. (OGX) has identified the presence of hydrocarbons in the Albian-Cenomanian section of well 1-OGX-25-RJS, located in the BM-C-39 block, in the shallow waters of the Campos Basin. OGX holds a 100% working interest in this block.

A hydrocarbon column of about 125 meters with approximately 116 meters of net pay was encountered in carbonate reservoirs in the Albian-Cenomanian section. The OGX-25 well, a prospect known as Waikiki, is the first one to be drilled in the BM-C-39 block and is located more to the north than the recent discoveries made by OGX in the Campos basin. The drilling is still in progress and is expected to reach an estimated final depth of 3,000 meters.

The OGX-25 well is located in the BM-C-39 block and is situated about 94 kilometers off the coast of the state of Rio de Janeiro at a water depth of approximately 105 meters. The rig, Pride Venezuela, initiated drilling activities there on November 14, 2010.

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