OGX Confirms Additional Light Oil in Santos Basin

OGX Petróleo e Gás Participações S.A. (OGX) announced that well 3­OGX­74­SPS, the first extension well of the Natal accumulation (1­OGX­11D­SPS), adjacent to the wildcat well, in block BM­S­59, demonstrated the continuity of the sandstone reservoirs of the Santonian age. In the drill­stem test for fluid identification conducted in the well, the Company has verified the presence of light oil of 38 degree API, while in well OGX­11D, the Company had previously confirmed the presence of gas and condensate.

"The discovery of light oil in the sandstone reservoirs of the Santonian age corroborates our initial expectations regarding the significant potential of oil accumulations in our Santos Basin blocks," commented General Executive and Exploration Officer of OGX Paulo Mendonça.

OGX­74 was drilled to a depth of 14,564 feet (4,439 meters) and, together with wildcat wells, OGX­11D and OGX­47, will be part of a Discovery Evaluation Plan which will appraise the sandstones of the Santonian age accumulations in block BM­S­59.

The OGX­74 well, an extension of the Natal accumulation, is located 71 miles (115 kilometers) off the coast of São Paulo, in water depths of approximately 643 feet (196 meters) and was drilled approximately 2 miles (4 kilometers) away from well OGX­11D.