OREANDA-NEWS. March 3, 2011. OGX Petroleo e Gas, the Brazilian oil and gas company responsible for the largest private sector exploratory campaign in Brazil, announced that it has identified the presence of hydrocarbons in the Albian and Aptian sections of well 1-OGX-31-RJS, which is located in the BM-C-41 block, in the shallow waters of the Campos Basin. OGX holds a 100% working interest in this block.

“The result of OGX-31 increases our expectations for the Albian province, since it shows its continuity and confirms, once again, its huge petrolific potential”, commented Paulo Mendonca, General Executive Officer of OGX. “In addition, this well confirmed the presence of oil in the Aptian section, where good levels of porosity were encountered”, added Mr. Mendonca.

An oil column of about 149 meters with approximately 48 meters of net pay was encountered in the Albian section and a column of 59 meters with net pay of 23 meters in the Aptian section, both in carbonate reservoirs. The drilling of well OGX-31, also known as the Osorno prospect, was concluded at a final depth of 3,786 meters.

The OGX-31 well, located in the BM-C-41 block, is situated approximately 80 kilometers off the coast of Rio de Janeiro at a water depth of about 136 meters. The rig Ocean Ambassador initiated drilling activities there on January 14, 2011.