OGX has identified the presence of hydrocarbons in the Albian section of well 1-OGX-20-RJS, located in the BM-C-41 block, in the shallow waters of the Campos Basin. OGX holds a 100% working interest in this block.

Following the recently announced discovery in the Maastrichtian section of well OGX-20, the drilling of this well continued to the Albian section, where an oil column of about 80 meters with approximately 50 meters of net pay was encountered in carbonate reservoirs. Drilling will continue in this section in order to determine the total column and net pay. Well OGX-20, in the Tupungato prospect, is expected to be drilled to a final depth of approximately 3,650 meters.

The OGX-20 well, located in the BM-C-41 block, is situated approximately 85 kilometers off the coast of Rio de Janeiro at a water depth of about 130 meters. The rig Ocean Ambassador initiated drilling activities there on September 05, 2010.

Tags: OGX Petroleo e Gas Participacoes SA