OGX Strikes Oil in Campos Appraisals

OGX Strikes Oil in Campos Appraisals

Wednesday, April 20, 2011
OGX S.A.
by SubseaIQ

OGX has identified the presence of hydrocarbons in the Albian section of 3-OGX-40D-RJS well and in the Albian-Cenomanian section of the well 3-OGX-41D-RJS, both appraisal wells from the Pipeline and Waikiki accumulations, respectively.

"The wells OGX-40 and OGX-41 confirmed the successful OGX delimitative campaign in the Campos Basin and reinforced the Company's base case to develop the 4.1 billion barrels already discovered in the Campos Basin," stated Paulo Mendonça, Executive General Officer and Exploration Officer of OGX.

"The accumulations of Pipeline and Waikiki are among the priorities to be developed for production, due to the advanced stage of the discoveries' delimitation and the quality of the reservoirs," commented Reinaldo Belotti, Production Officer of OGX.

The well OGX-40 found an oil column of approximately 204 meters with a net pay of about 107 meters in carbonate reservoirs in the Albian section. The well OGX-41 discovered an oil column of approximately 148 meters with a net pay of about 92 meters, also in carbonate reservoirs in the Albian-Cenomanian section.

The well OGX-40D is the second appraisal well in the Pipeline accumulation discovered by the well OGX-2A. The first appraisal well of the accumulation was the OGX-36, which also confirmed the presence of oil and contributed to its delimitation. The well OGX-41D is the second appraisal well of the Waikiki accumulation, discovered by the well OGX-25, with OGX-35 being the first appraisal well. The discoveries' evaluation plans for the Pipeline and Waikiki will soon be proposed to ANP.

It is worth noting that wells OGX-40 (Pipeline) and OGX (Waikiki), as well as the wells OGX-35 (Waikiki), OGX-36 and OGX-39HP (both in the Pipeline accumulation), would increased OGX's contingent resources area, in case the certification happened at this moment.

Both wells are deviated and pilots for horizontal wells, in which drill-stem tests could be performed to verify the productivity of these areas, as was done recently for the Waimea accumulation, where exceptional results were obtained.

The OGX‐40D well is located in the BM‐C‐41 block and is situated about 79 kilometers off the coast of the state of Rio de Janeiro at a water depth of approximately 130 meters. The Sea Explorer rig initiated drilling activities there on March 28, 2011.

The OGX‐41D well is located in the BM‐C‐39 block and is situated about 89 kilometers off the coast of the state of Rio de Janeiro at a water depth of approximately 104 meters. The Ocean Lexington rig initiated drilling activities there on April 3, 2011.