OGX Pegs Brazilian Find's Volume at 500MM-1.5B Barrels

OGX has completed the drilling of well 1-OGX -1-RJS, also known as Vesuvio, located in the block BM-C-43 in the shallow waters of the Campos Basin.

The well was drilled to a depth of approximately 2,347 meters in 140 meters of water. Initiated on September 17, 2009, the drilling of this well encountered an oil column of over 200 meters and sandy reservoirs (net pay) of 57 meters. Oil samples were taken and sent for analysis in order to determine the oil characteristics. Based on the well information and existing 3D seismic data interpretation, OGX estimates a recoverable oil volume of between 500 million and 1.5 billion barrels.

"These excellent results highlight the high petrolific potential of our blocks and contribute to the reduction of exploratory risk on our upcoming prospects to be drilled in the region. The well 1-OGX-1 validated the geological model developed from the 3D seismic and the exploratory strategy adopted by our technical team," commented Paulo Mendonça, General Executive Officer of OGX. "The conclusion of activities on this well in less than a month demonstrates our team’s commitment to executing our business plan deftly, while optimizing our financial resources," added Mr. Mendonça.

The rig, Ocean Ambassador, used in the drilling activities at this well, will be mobilized to the next location, well 1-OGX-2-RJS, in block BM-C-41, in the shallow waters of the southern part of the Campos Basin. The drilling of this second well is expected to be initiated during the second half of October 2009.