OGX, Maersk Oil announce hydrocarbon find in Campos Basin

RIO DE JANEIRO–OGX Petróleo e Gás Participações S.A. (“OGX”) (Bovespa: OGXP3, OTC: OGXPY), the Brazilian oil and gas company responsible for the largest private sector exploratory campaign in Brazil, announced today the presence of hydrocarbons in the Santonian, Albian and Aptian sections of exploration well 1-MRK-3/4P-RJS, which is located in the BM-C-37 block, in the shallow waters of the Campos Basin. OGX holds a 50% working interest in this block and Maersk Oil, the operator, holds the remaining 50%.

According to a preliminary evaluation conducted by operator Maersk Oil, hydrocarbons were encountered in sandstone reservoirs in the Santonian section totaling some 14 meters of potential net pay. In addition, some 43 and 12 meters of potential net pay were encountered, respectively, in carbonate reservoirs in the Albian and Aptian sections. The 1 -MRK-3/4P-RJS exploration well, known as Carambola-A, is the first of two wells to be drilled in the BM-C-37 block and the drilling of this prospect was concluded at a final depth of 3,400 meters below sea level.

The 1-MRK-3/4P-RJS well is situated about 74 kilometers off the coast of the state of Rio de Janeiro at a water depth of approximately 134 meters. The rig, Blackford Dolphin, initiated drilling activities there on November 3, 2010 and will now be moved some 4 km to the north to drill the Carambola B exploration well.

[Source: OGX] [Image: Campos Basin via ANP.gov]

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