RIO DE JANEIRO--(BUSINESS WIRE)--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, announced today the presence of hydrocarbons in the Eocene section of well 1-OGX-25-RJS and provided additional information concerning the previously announced discovery in the Albian-Cenomanian section of this well, which is located the BM-C-39 block, in the shallow waters of the Campos Basin. OGX holds a 100% working interest in this block.
Subsequent to the provision of information to the market on December 8, 2010, the drilling of well OGX-25 proceeded, reaching carbonate reservoirs in the Albian-Cenomanian section, and allowing the identification of a total column of approximately 198 meters and total net pay of around 145 meters in this section, as compared to the 125 meters of column and 116 meters of net pay previously announced.
Moreover, new studies, which included logging and cable tests, also permitted the identification of hydrocarbons in sandstone reservoirs in the Eocene section, specifically a gas accumulation with a column of approximately 16 meters and net pay of around 8 meters.
It should be noted that the name of well 1-OGX-25-RJS has changed to 6-OGX-27P-RJS with the drilling of the Albian section. Its drilling will continue until a total estimated depth of 3,100 meters. This well is located in the BM-C-39 block at about 94 kilometers off the coast of the state of Rio de Janeiro at a water depth of approximately 105 meters. The rig, Pride Venezuela, initiated drilling activities there on November 14, 2010.
ABOUT OGX
OGX Petróleo e Gás SA is focused on oil and natural gas exploration and production and is conducting the largest private sector exploratory campaign in Brazil. OGX has a diversified, high-potential portfolio, comprised of 29 exploratory blocks in the Campos, Santos, Espírito Santo, Pará-Maranhão and Parnaíba Basins, in Brazil, and 5 exploratory blocks in Colombia, in Middle Magdalena Valley, in Lower Magdalena Valley and in Cesar-Ranchería basins. The total extension area is of approximately 7,000 km² in sea and approximately 34,000 km² in land, with 21,500 km² in Brazil and 12,500 km² in Colombia. OGX relies on an experienced management team and holds a solid cash position, with approximately US$3.3 billion in cash to fund its E&P investments and new opportunities. In June 2008, the company went public raising R$6.7 billion, the largest amount ever raised in a Brazilian primary IPO at that moment. OGX is a member of the EBX Group, an industrial group founded and under the leadership of Brazilian entrepreneur Eike F. Batista, who has a proven track record in developing new ventures in the natural resources and infrastructure sectors. For more information, please visit www.ogx.com.br/ri.
LEGAL NOTICE
This document contains Company-related statements and information that reflect the current vision and/or expectations the Company and its management have regarding its business plan. These include, among others, all forward-looking statements that involve forecasts and projections, indicate or imply results, performance or future achievements, and may contain words such as “believe,” “foresee,” “expect,” “consider,” “is likely to result in” or other words or expressions of similar meaning. Such statements are subject to a series of expressive risks, uncertainty and premises. Please be advised that several important factors can cause the actual results to diverge materially from the plans, objectives, expectations, estimations, and intentions expressed in this document. In no event shall the Company or the members of its board, directors, assigns or employees be liable to any third party (including investors) for investment decisions or acts or business carried out based on the information and statements that appear in this presentation, or for indirect damage, lost profit or related issues. The Company does not intend to provide to potential shareholders with a revision of the statements or an analysis of the differences between the statements and the actual results. You are urged to carefully review OGX's offering circular, including the risk factors included therein. This presentation does not purport to be all-inclusive or to contain all the information that a prospective investor may desire in evaluating OGX. Each investor must conduct and rely on its own evaluation, including of the associated risks, in making an investment decision.