OGX Discovers Hydrocarbons in Offshore BM-C-42 Block

OGX, the largest Brazilian private sector oil and gas company in terms of offshore exploratory acreage, has identified an oil-bearing interval in the Eocene section of the well 1-OGX-4-RJS, located in the BM-C-42 block, in the shallow waters of the southern part of the Campos Basin. OGX holds a 100% working interest in this block.

An oil column of approximately 90 meters with around 17 meters of net pay was encountered in sandstone reservoirs characterized by excellent levels of permo-porosity. The drilling of OGX-4 is still in progress and is expected to reach a final depth of approximately 3,400 meters.

"This discovery demonstrates once more the efficiency of the petroleum system in this portion of the Campos Basin, as well as the success of our exploratory strategy for this area", commented Paulo Mendonça, OGX's General Executive Officer.

The OGX-4 well is located in the BM-C-42 block and is situated approximately 79 kilometers off the coast of the state of Rio de Janeiro at a water depth of approximately 150 meters. The rig Ocean Quest, provided by Diamond Offshore, initiated the drilling activities on December 26, 2009.

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