OGX Hits Hydrocarbons in Santos Basin

OGX has encountered hydrocarbons in the Albian section of well 1-OGX-17A-RJS on the Belem prospect in the shallow waters of the Santos Basin. An oil column of about 640 feet (195 meters) with about 141 feet (43 meters) of net pay was identified in carbonate reservoirs in the Albian section. Drilling is still in progress and the well is expected to reach a final depth of nearly 19,029 feet (5,800 meters). The OGX-17 well is situated about 53 miles (85 kilometers) off the coast in a water depth of 443 feet (135 meters). The Ocean Star semisub is drilling the well.

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