OGX identifies the presence of hydrocarbons in well OGX-47 in the Santos Basin

OGX Petróleo e Gás Participações S.A. (“OGX”) (Bovespa: OGXP3; OTC: OGXPY), the Brazilian oil and gas company responsible for the largest private-sector exploratory campaign in Brazil, today announced that it has identified the presence of hydrocarbons in the Santonian section of 1-OGX-47-RJS well, in the BM-S-59 block, in the shallow waters of the Santos Basin. OGX holds a 100% working interest in this block.

“This discovery in conventional reservoirs of the Santos Basin contributes significantly to the development of our assets in this region. When combined with the discoveries that we have already made, we will be able to optimize the operational structure of this area by taking advantage of the economies of scale”

“This discovery in conventional reservoirs of the Santos Basin contributes significantly to the development of our assets in this region. When combined with the discoveries that we have already made, we will be able to optimize the operational structure of this area by taking advantage of the economies of scale,” commented Mr. Paulo Mendonça, General Executive Officer and Exploration Officer of OGX. “Following the drilling campaign, we will intensify both the appraisal process of the several discoveries for this basin, as well as the development of the production model for the region,” added Mr. Mendonça.

A hydrocarbon column of approximately 131 meters was encountered in the sandstone reservoirs of the Santonian section with about 51 meters of net pay. This discovery is located 2.9 kilometers from the Natal accumulation which was discovered through the drilling of well OGX-11.

The OGX-47 well, named as Maceió, is located in the BM-S-59 block and is situated approximately 110 kilometers off the coast of the state of Rio de Janeiro at a water depth of approximately 185 meters. The Ocean Quest rig initiated drilling activities on May 24, 2011.

Source: Business Wire

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