Maersk, OGX Strike Oil at Carambola B Well, Offshore Brazil

Today, Maersk Oil Brasil and partner OGX reported finding oil in the ongoing Carambola B exploration well. The well is located in the BM-C-37 license in the Campos Basin in 130 metres water depth, some 80 kilometers off the coast of the state of Rio de Janeiro. Maersk Oil is the operator and has a 50% share of the block.

Hydrocarbons were encountered in the objective Albian carbonates (preliminary estimate of up to 17 meters of potential net pay) and an extensive logging programme including coring, pressure measurements and hydrocarbon sampling was performed. Further work is now required to assess productivity.

Bruce Laws, President of Maersk Oil Houston, comments, “Results of the Carambola B well will be integrated with the Carambola A results announced early January 2011. This exercise will help us assess the commercial potential of the oil contained in complex carbonate reservoirs.”

Drilling is still ongoing towards a planned 3,000 metres depth below sea level.

About Maersk Oil

Maersk Oil is an international oil and gas company with operated production of about 700,000 barrels of oil equivalent a day from fields in the Danish and UK North Sea, offshore Qatar, in Algeria and in Kazakhstan. Maersk Oil exploration activities are ongoing in Denmark, UK, Norway, Angola, Brazil, the US Gulf of Mexico, Greenland and Oman. Maersk Oil and its subsidiary companies are part of the Danish A.P. Moller – Maersk Group. Maersk Oil was established in 1962, when it was awarded a concession for oil and gas exploration and production in Denmark.

About Maersk Oil Brasil

Since 2002 Maersk Oil has been building its presence in Brazil, and today the company has interest in 9 exploration blocks. In the past year, Maersk Oil has made two significant acquisitions in Brazil. In December 2010, Maersk Oil agreed to buy the Brazilian assets of SK Energy Co., Ltd., which include Block BM-C-08, Block BM-C-30 with the Wahoo discovery and Block BM-C-32 with the Itaipu discovery. Earlier in 2010 Maersk Oil had acquired Devon’s 20% interest in Block BM-C-34. Both acquisitions are pending regulatory approvals.

[mappress]

Source:Maersk Oil , February 21, 2011;