OGX has identified an oil-bearing interval in the Albian section of well 1-OGX-7A-RJS, and in the Cenomanian and Albian sections of well 1-OGX-10-RJS, both located in the BM-C-42 block, in the shallow waters of the southern part of the Campos Basin. OGX holds a 100% working interest in this block.

In the well OGX-7A, at the prospect also known as Huna, a minimum net pay of approximately 17 meters was identified in the carbonate reservoirs in the Albian section. In the well OGX-10, at the prospect also known as Hawaii, a net pay of approximately 11 meters was encountered in the Cenomanian section, and a minimum net pay of 13 meters in the Albian section, both in carbonate reservoirs.

Additionally, OGX announces the beginning of the drilling campaign in the blocks operated by the Company located in the Santos Basin. The first prospect, known as Natal, will be drilled by the rig Ocean Quest, provided by Diamond Offshore, which is already in location. The well is situated in the block BM-S-59, in the shallow waters of the Santos Basin.

The OGX-7A well, located in the BM-C-42 block, is situated approximately 86 kilometers off the coast of the state of Rio de Janeiro at a water depth of approximately 152 meters. The rig Ocean Lexington, provided by Diamond Offshore, initiated drilling activities on February 16, 2010.

The OGX-10 well, located in the BM-C-42 block, is situated approximately 79 kilometers off the coast of the state of Rio de Janeiro at a water depth of approximately 158 meters. The rig Sea Explorer, provided by Diamond Offshore, initiated drilling activities on March 02, 2010.

Tags: OGX Petróleo e Gás Participações S.A.