OGX Petróleo e Gás Participações S.A. has identified the presence of hydrocarbons in the well 1-OGX-2-RJS, located in the BM-C-41 block, in the shallow waters of the Campos Basin, Bazil. OGX holds a 100% working interest in this block and will spud its third well in the block later this month

“This new evidence of hydrocarbons confirms the existence of an active prolific system in this area, and contributes to a better understanding of the geological attributes of the region. The drilling of OGX-2 is still in progress and we continue to be confident about the potential of deeper objectives,” commented Paulo Mendonça, General Executive Officer of OGX.

The hydrocarbons were encountered in the Eocene reservoirs. The drilling of the well OGX-2 is still in progress, aiming at additional objectives until the final depth of 3,425 meters.

The well is situated approximately 77 km off the coast of the state of Rio de Janeiro, at a water depth of approximately 130 meters. Ocean Ambassador, the rig used in the drilling of the well OGX-1, initiated its activities on the second well on October 22nd, 2009

Tags: OGX Petroleo e Gas Participacoes SA