OGX has declared the acquisition, through its subsidiary, OGX Maranhão Petróleo e Gás Ltda., of a 50% stake in the onshore exploratory block, PN-T-102, in the Parnaíba Basin in the state of Maranhão. The approval of this acquisition was published on the website of the National Petroleum, Natural Gas and Biofuels Agency (ANP) on September 8, 2011.

This interest was acquired from the companies Imetame Energia S.A., Delp Engenharia Mecânica Ltda. and Orteng Equipamentos e Sistemas Ltda., which maintain participation percentages of 16.67%, 16.665% and 16.665%, respectively. OGX Maranhão becomes the operator of this block in partnership with the consortium that has operated successfully for years in various Brazilian basins.

"This acquisition reflects our interest in expanding operations in the Parnaíba Basin after the drilling of several successful exploratory wells. As well, it strengthens our position in the region and provides important potential synergies with other discoveries that are being developed," said Paulo Mendonça, OGX's General and Exploration Officer.

To acquire this participation, OGX Maranhão paid the Consortium an amount equivalent to the signature bonus and expenses previously incurred. In addition, OGX Maranhão has committed to exploration activities of this block.

With this additional concession, OGX Maranhão now holds positions in 8 onshore exploratory blocks in the Parnaíba Basin with total area exceeding 24,500 km².

OGX Maranhão expects to begin activities by acquiring seismic data for this block in the coming weeks.

OGX currently has two drilling rigs and two seismic crews accounting for more than 1,000 people working in the region. The drilling of the first production well in the Gavião Real field, which should start producing in the second half of 2012, has already been initiated. In addition, a third onshore rig has been hired for the Parnaíba Basin.

Tags: OGX Petróleo e Gás Participações S.A.