Brazil: OGX Finds Hydrocarbons in Campos Basin

OGX Petróleo e Gás Participações S.A., the Brazilian oil and gas company responsible for the largest private-sector exploratory campaign in Brazil, announced today that it has identified the presence of hydrocarbons in carbonate reservoirs in the Albian section of well 1-OGX-79-RJS, in block BM-C-39, in shallow waters of the Campos Basin. OGX holds 100% interest in the block.

“This accumulation, Itacoatiara (OGX-79), expands the Waikiki Complex, and together with the Tubarão Martelo field and Peró and Ingá accumulations”

A hydrocarbon column of approximately 150 meters was encountered in carbonate reservoirs of the Albian section with about 64 meters of net pay. The drilling of well OGX-79, known as Itacoatiara, was concluded, reaching a final depth of 2,030 meters.

“This discovery demonstrates OGX’s maturity, with exceptional results occurring in parallel in the Company’s exploration and production divisions, and it confirms our expectations for the unexplored potential of the Campos Basin,” commented Paulo Mendonça, General Executive Officer and Exploration Officer of OGX. “This accumulation, Itacoatiara (OGX-79), expands the Waikiki Complex, and together with the Tubarão Martelo field and Peró and Ingá accumulations,” added Mr. Mendonça.

Drill-stem tests will be conducted to obtain more information on this accumulation. The proximity of Itacoatiara accumulation to the other Waikiki Complex accumulations, a distance of about 4 km, facilitates their integration and development, in addition to accelerating the monetization of the discovered resources.

The OGX-79 well is situated in block BM-C-39 and is located 89 km off the coast of the state of Rio de Janeiro at water depth of approximately 102 meters. The ENSCO 5004 rig initiated drilling activities on April 4, 2012.

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Offshore Energy Today Staff, April 27, 2012