OGX Gets Nod for EWT and Production Development in Campos Basin, Offshore Brazil

OGX Petróleo e Gás, the Brazilian oil and gas company responsible for the largest private-sector exploratory campaign in Brazil, announced that the preliminary license for the Extended Well Test (“EWT”) and production development in Waimea was granted by Ibama (the Brazilian Institute for Environment and Renewable Natural Resources).

This EWT will be conducted in block BM-C-41 in the Campos Basin. OGX has a 100% interest in this block.

“This preliminary license represents another step forward in our first oil production in the Campos Basin. With the granting of the installation license we expect to begin the mooring and equipment installation process for the EWT in Waimea within a few days,” commented Paulo Mendonça, General Executive and Exploration Officer of OGX.

The Waimea accumulation, which is located in the shallow waters of the Campos Basin, was discovered through wildcat well OGX-3 on December 18, 2009. The EWT, which is expected to begin in an exceptionally short timeframe – around 2 years after the discovery was made – will be performed utilizing the existing horizontal well, OGX-26HP.

Source:OGX ,September 9, 2011;