OilVoice - OGX Announces Additional Hydrocarbons in the Albian Section of OGX-5 Well, Offshore Brazil

OGX Announces Additional Hydrocarbons in the Albian Section of OGX-5 Well, Offshore Brazil

Sunday, January 24, 2010

OGX Petróleo e Gás Participações S.A., the largest Brazilian private sector oil and gas company in terms of offshore exploratory acreage, announced today that it has identified an oil-bearing interval in the Albian section of the well 1-OGX-5-RJS, located in the BM-C-43 block, in the shallow waters of the southern part of the Campos Basin. OGX holds a 100% working interest in this block.

An oil column of approximately 130 meters with around 30 meters of net pay was encountered in carbonate reservoirs. The drilling of OGX-5 is still in progress and is expected to reach a final depth of approximately 4,300 meters.

"These initial results from well OGX-5 are very encouraging, as they confirm that the high-quality carbonate reservoirs detected in wells OGX-2 and OGX-3 are also present in the southern reaches of our blocks', commented Paulo Mendonça, OGX's General Executive Officer.

The OGX-5 well is located in the BM-C-43 block and is situated approximately 79 kilometers off the coast of the state of Rio de Janeiro at a water depth of approximately 150 meters. The rig Ocean Ambassador, provided by Diamond Offshore, initiated the drilling activities on December 26, 2009.

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