OGX Strikes Big at Santos Wildcat

18/01/2012

OGX has identified the presence of hydrocarbons in the Albian and Aptian sections of well 1-OGX-63-SPS in the BM-S-57 block, in the shallow waters of the Santos Basin. OGX holds a 100 percent working interest in this block.

"This discovery is important for its huge hydrocarbon column and net pay identified in the Albian section, as well as by the quality of the Aptian reservoir and its behavior," commented Paulo Mendonça, General Executive Officer and Exploration Officer of OGX.

A hydrocarbon column of approximately 1,000 meters (3,280 feet) was encountered in Albian reservoirs with about 110 meters (360 feet) of net pay. The drilling of the well, which is still in progress, already reached the Aptian section of the reservoir identifying hydrocarbons through a high gas presence that resulted in a kick, which is already controlled.

The OGX-63 well, known as Fortaleza, is still in progress and located in the BM-S-57 block and is situated approximately 102 kilometers (63.38 miles) off the coast of the state of Rio de Janeiro at a water depth of approximately 155 meters. The Ocean Quest (mid-water semisub) initiated drilling activities on October 08, 2011.