OGX has concluded the drilling of wells OGX-6 and OGX-8, both located in the BM-C-41 block, in the shallow waters of the southern part of the Campos Basin. OGX holds a 100% working interest in this block.

The OGX-6 well, Etna prospect, was drilled to a depth of 3,604 meters resulting in evidence of hydrocarbons in the carbonate reservoirs in the Albian and Aptian sections, as previously announced on March 5 and 12, 2010. Well OGX-8, Fuji prospect, was drilled up to 4,110 meters and also encountered evidence of hydrocarbons in the carbonate reservoirs in the Albian and Aptian sections, according to the prior announcements made by the Company on March 24 and 31, 2010.

The completed drilling activities at both OGX-6 and OGX-8 wells allow for a better understanding of the geological parameters of block BM-C-41, where drilled reservoirs show characteristics similar to those already identified in OGX-2A and OGX-3 wells. Our analysis of the data obtained to date indicates that the Albian and Aptian reservoirs of the Pipeline and Etna prospects (OGX-2 and OGX-6) are a single connected accumulation at each geological layer. Regarding a potential connection between the Waimea and Fuji prospects (OGX-3 and OGX-8), additional studies and data will be necessary in order to verify whether we have encountered a single accumulation.

Based on the final well information combined with the 3D seismic data interpretation, OGX estimates recoverable oil volume of between 1.4 and 2.6 billion barrels for the accumulation composed of the Pipeline and Etna prospects (OGX-2A and OGX-6). For the potential structure composed by Waimea and Fuji prospects (OGX-3 and OGX-8), we estimate recoverable oil volume of between 600 and 1,100 million barrels.

The rig Ocean Quest, which drilled the OGX-6 well, as well as the rig Ocean Star, which drilled the OGX-8 well, have been moved to the shallow water of the Santos Basin where they are engaged in the drilling of the Natal prospect (OGX-11D) in the BM-S-59 block and the Niteroi prospect (OGX-12) in the BM-S-57 block, respectively.

Tags: OGX Petróleo e Gás Participações S.A.