OGX Petróleo e Gás has identified gas and condensates in the Santonian section of well 1-OGX-11D-SPS, Natal prospect, located in the BM-S-59 block, in the shallow waters of the Santos Basin. OGX holds a 100% working interest in this block.

'Our find at the OGX-11D well marks the beginning of what we expect to be a new cycle of important discoveries. This result both confirms the existence of an active petroleum system and demonstrates the soundness of our exploration philosophy and technical team's knowledge of the sedimentary basins that make up our portfolio,' commented Paulo Mendonça, OGX's General Executive Officer.

So far, an oil column of about 42 meters with net pay of approximately 34 meters was encountered in sandstone reservoirs in the Santonian section, with high porosity and consistent hydrocarbon shows. The drilling in the Santonian sandstones is still in progress with shows and the well OGX-11D will be drilled up to a final depth of approximately 6,100 meters aiming at additional objectives.

The OGX-11D well, located in the BM-S-59 block, is situated 104 kilometers off the coast at a water depth of approximately 170 meters. The rig, Ocean Quest, provided by Diamond Offshore initiated drilling activities on April 9, 2010.

Tags: OGX Petróleo e Gás Participações S.A.