OGX Concludes Drilling in Santos Basin

OGX has concluded the drilling of the well 1-OGX-12-SPS, located in the BM-S-57 block, in the shallow waters of the Santos Basin. OGX holds a 100% working interest in this block.

The drilling of well OGX-12, also known as Niterói, reached a total depth of 5,074 meters, and encountered carbonate reservoirs in the Albian section with good conditions of permo-porosity, although with an ineffective geological seal. In addition, two thin intervals of carbonate reservoirs with indications of hydrocarbons were found in the Aptian and Barremian sections, confirming an active petrolific system. Although these hydrocarbon evidences are considered to be non-commercial, information obtained in the drilling of this well will play a very important role in calibrating the new geological model for the region.

"After a highly successful exploratory campaign with announced discoveries in all 14 of our previously drilled wells, the drilling of the Niteroi prospect had as main objective the testing of a new geological model. The post-mortem of the well leads us to believe that the lack of a geological seal was the cause of a non-commercial hydrocarbon accumulation, given that the Albian structure is prominent. The fact that we encountered good reservoirs and confirmed the existence of an active petrolific system in this part of the basin is very positive since it decreases the risk in future wells," commented Paulo Mendonça, General Executive Officer of OGX.

The OGX-12 well, located in the BM-S-57 block, is situated approximately 95 kilometers off the coast at a water depth of approximately 150 meters. The rig used in this drilling will be moved to the BM-S-56 block and will drill the Belém prospect.