OGX Spies Additional Hydrocarbons at Brazilian Well

OGX has identified intervals with hydrocarbons in reservoirs of the Aptian and Barremian sections of the well 1-OGX-3-RJS, located at block BM-C-41, in shallow waters of the southern part of Campos Basin. OGX holds a 100% working interest in this block.

An oil column of more than 180 meters and net pay of around 50 meters was identified in carbonate reservoirs of the Aptian and Barremian sections. The well OGX-3 is in its final stage of drilling which will reach an estimated total depth of approximately 4,000 meters.

This is the second discovery of hydrocarbons made in well OGX-3. The first was made in carbonate reservoirs of the Albian section. In the next few days, a formation test will commence with the objective of verifying the characteristics of carbonate reservoirs in dynamic conditions.

"A discovery also in the deeper sections shows that we had the right exploratory strategy for the area, which has been presenting all the elements to become a major oil producing region," commented Paulo Mendonca, General Executive Officer of OGX. "Given the excellent discoveries we made in the carbonate reservoirs of the southern part of Campos Basin, we decided to conduct a formation test in order to establish important parameters for future production projects in the region," added Mr. Mendonca.

The well OGX-3 is located in the block BM-C-41, at a distance of approximately 83 km from the coast of Rio de Janeiro state, where the water depth is around 130 meters. Pride International's Sea Explorer semisub began drilling activities at this well on November 16, 2009, and will continue to be employed at this location until the end of the formation test.

OGX also informs the commencement of drilling in prospects Kilawea and Krakatoa, respectively, through wells 1-OGX-4-RJS in block BM-C-42 and 1-OGX-5-RJS in block BM-C-43. These wells are being drilled by the rigs Ocean Quest and Ocean Ambassador (respectively) and we estimate that it will take 60 days for each to be concluded.



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