OGX Discovers Hydrocarbons Offshore Brazil

OGX has identified the presence of hydrocarbon in the Maastrichtian section of well 1-OGX-20-RJS, located in the BM-C-41 block, in the shallow waters of the Campos Basin. OGX holds a 100% working interest in this block.

"This discovery highlights the importance of the Maastrichtian section in our blocks in the Campos Basin, where oil bearing reservoirs were initially identified in the OGX-5 well, Krakatoa prospect, and now were also found in the BM-C-41 block, once again presenting excellent permo-porosity characteristics," commented Paulo Mendonça, General Executive Officer of OGX. "The well OGX-20 marks the one year anniversary of the initiation of our exploratory campaign, which has demonstrated an unprecedented success rate and continues in full execution phase aiming for new discoveries and the delineation of the discoveries already made," added Mr. Mendonça.

Hydrocarbons were identified in two different levels in sandstone reservoirs in the Maastrichtian section of the OGX-20 well, presenting net pay of approximately 9 and 4 meters, respectively. The drilling of well OGX-20, also known as the Tupungato prospect, will follow until an estimated final depth of approximately 3,650 meters is reached.

The OGX-20 well, located in the BM-C-41 block, is situated approximately 85 kilometers off the coast of the state of Rio de Janeiro at a water depth of approximately 130 meters. The rig Ocean Ambassador initiated drilling activities there on September 5, 2010.

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