OGX Strikes Oil in Wildcat Well OGX-52 in the Campos Basin

July 25, 2011
OGX Petróleo e Gás Participações S.A. (OTC: OGXPY.PK), the Brazilian oil and gas company responsible for the largest private-sector exploratory campaign in Brazil, today announced that it has identified the presence of hydrocarbons in the Santonian and Albian sections of well 1-OGX-52-RJS in the BM-C-41 block, in the shallow waters of the Campos Basin. OGX holds a 100% working interest in this block.

"This new discovery nearby the Waimea accumulation successfully tested Albian calcarenites in a deeper position, completely independent of the prior discovery. Also, it is important to note the discovery of oil in sandstone reservoirs of the Santonian age. These discoveries confirm, as we have mentioned, significant potential remaining resources in this important oil province in the southern portion of the Campos Basin," said Paulo Mendonça, General Executive Officer and Exploration Officer of OGX.

A hydrocarbon column of approximately 12 meters was encountered in the sandstone reservoirs of the Santonian section with about 5 meters of net pay. In addition, a hydrocarbon column of approximately 174 meters was encountered in carbonates of the Albian section with around 96 meters of net pay.

The OGX-52 well, known as Tambora, is located in the BM-C-41 block and is situated approximately 93 kilometers off the coast of the state of Rio de Janeiro at a water depth of approximately 130 meters. The Ocean Ambassador rig initiated drilling activities on July 04, 2011.

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