OREANDA-NEWS. October 15, 2012. OGX has been granted the required environmental authorization by IBAMA (the Brazilian Institute for Environment and Renewable Natural Resources) to begin drilling in BM-C-37 and BM-C-38 blocks, in the Campos Basin.

"The environmental authorization for drilling in these blocks will enable us to proceed with the exploratory campaign in a region that today we consider very promising, with several prospects already identified," commented Luiz Carneiro, Chief Executive Officer of OGX.

OGX acquired in March 2012 an additional 20% stake in blocks BM-C-37 and BM-C-38, in the shallow waters of the Campos Basin, from its partner Maersk Oil and became operator of these blocks. OGX now holds a 70% interest in these blocks, with Maersk Oil holding the remaining 30%.

As operator of the blocks, OGX intends to use the knowledge acquired by its technical team in the Campos Basin, as well as two of its rigs to proceed with the drilling of wildcat and appraisal wells.