OREANDA-NEWS. September 19, 2011. OGX, the Brazilian oil and gas company responsible for the largest private-sector exploratory campaign in Brazil, announced the acquisition, through its subsidiary, OGX Maranhao Petroleo e Gas Ltda., of a 50% stake in the onshore exploratory block, PN-T-102, in the Parnaiba Basin in the state of Maranhao. The approval of this acquisition was published on the website of the National Petroleum, Natural Gas and Biofuels Agency (ANP) on September 8, 2011.

This interest was acquired from the companies Imetame Energia S.A., Delp Engenharia Mecanica Ltda. and Orteng Equipamentos e Sistemas Ltda., which maintain participation percentages of 16.67%, 16.665% and 16.665%, respectively. OGX Maranhao becomes the operator of this block in partnership with the consortium that has operated successfully for years in various Brazilian basins.

"This acquisition reflects our interest in expanding operations in the Parnaiba Basin after the drilling of several successful exploratory wells.  As well, it strengthens our position in the region and provides important potential synergies with other discoveries that are being developed," said Paulo Mendonca, OGX's General and Exploration Officer.

To acquire this participation, OGX Maranhao paid the Consortium an amount equivalent to the signature bonus and expenses previously incurred.  In addition, OGX Maranhao has committed to exploration activities of this block.

With this additional concession, OGX Maranhao now holds positions in 8 onshore exploratory blocks in the Parnaiba Basin with total area exceeding 24,500 km?.

OGX Maranhao expects to begin activities by acquiring seismic data for this block in the coming weeks.

OGX currently has two drilling rigs and two seismic crews accounting for more than 1,000 people working in the region. The drilling of the first production well in the Gaviao Real field, which should start producing in the second half of 2012, has already been initiated.  In addition, a third onshore rig has been hired for the Parnaiba Basin.