OGX Announces Discovery of Oil in the BM-C-41 Block

Source: www.gulfoilandgas.com 11/16/2009, Location: South America

OGX announced the discovery of oil in the Upper Cretacious reservoirs in the well 1-OGX-2A-RJS, located in the BM-C-41 block, in the shallow waters of Campos Basin. OGX holds a 100% working interest in this block. The volume of recoverable oil in these reservoirs is estimated between 400 and 500 million barrels.

“As expected, we have identified additional layers containing oil in the well OGX-2A, confirming the significant potential of the area. The drilling is still in progress, as there are other important, deeper objectives to be achieved beyond those already announced,” commented Paulo Mendonça, General Executive Officer of OGX.

The well is situated approximately 77 km off the coast of the state of Rio de Janeiro, at a water depth of approximately 130 meters. The rig Ocean Ambassador initiated drilling of well OGX-2A on October 22nd, 2009.


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