Brazil: Oil Volumes Pegged at 30MM-90MM in OGX-5 Section

OGX has completed the drilling of well 1-OGX-5-RJS, located in block BM-C-43, in the shallow waters of the southern part of the Campos Basin. OGX holds a 100% working interest in this block.

The well OGX-5 was drilled to a depth of 4,100 meters, resulting in the detection of hydrocarbons in carbonate reservoirs in the Albian and Aptian sections, as was previously announced on January 22 and February 1, 2010. Cable tests performed after the conclusion of drilling also identified an oil-bearing column in the Maastrichtian section, from which oil samples were collected.

Based on the final well information combined with the 3D seismic data interpretation, OGX estimates recoverable oil volume for the Maastrichtian section between 30 and 90 million barrels. Volume estimates for the Albian and Aptian reservoirs will be provided following the drilling of additional wells.

Ocean Ambassador, the rig employed at OGX-5, is now being mobilized to the next location, a directional exploratory well located near OGX's Vesúvio prospect, with the objectives of testing new targets and further delineating the previously announced Vesúvio discovery. The drilling of this next well, located in the BM-C-41, in the shallow waters of the southern part of the Campos Basin, will commence in March 2010.


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