OGX says OGX identifies connectivity in Campos basin finds

OGX Petróleo e Gás Participações has discovered further hydrocarbons in the shallow water southern sector of Brazil’s Campos basin.

Offshore staff

RIO DE JANEIRO -- OGX Petróleo e Gás Participações has discovered further hydrocarbons in the shallow water southern sector of Brazil’s Campos basin. Wells OGX-6 and OGX-8 both are in the BM-C-41 block, in which OGX holds a 100% working interest.

The OGX-6 well on the Etna prospect was drilled to a depth of 3,604 m (11,824 ft), with evidence of hydrocarbons in the carbonate reservoirs in the Albian and Aptian sections, as previously announced in March.

Well OGX-8 on the Fuji prospect, drilled to a depth of 4,110 m (13,484 ft), also encountered hydrocarbons in carbonate reservoirs in the same geological intervals.

OGX says the results should improve its understanding of the geological parameters of the block, where the drilled reservoirs exhibit characteristics similar to those identified earlier in the OGX-2A and OGX-3 wells.  Analysis of data obtained to date suggests that the Albian and Aptian reservoirs of the Pipeline (OGX-2) and Etna prospects are a single connected accumulation at each geological layer, says OGX. Further studies are needed to verify whether the Waimea (GX-3) and Fuji prospects area also a single accumulation.

By combining the final well information combined with 3D seismic data interpretation, OGX estimates recoverable oil volumes at 1.4-2.6 Bbbl for the Pipeline/ Etna accumulation. For the potential Waimea/Fuji structure, the estimate is 600 MM -1.1 Bbbl.

The company has since moved both rigs that drilled the latest two wells, Ocean Quest and Ocean Star, to shallow water in the Santos basin where they are presently drilling the Natal prospect (OGX-11D) in the BM-S-59 block and the Niteroi prospect (OGX-12) in the BM-S-57 block.

Earlier this month, OGX secured a sixth semisubmersible rig, thePride Venezuela, for its ongoing campaigns in the Campos and Santos basins. It says the extra capacity will allow it to advance its delineation program, and to continue identifying new exploration prospects. Pride Venezuela is the second rig supplied by Pride International to OGX. It can drill wells to a subsurface depth of 7,600 m (24,934 ft), in water depths of up to 457m (1,500 ft). It will start its designated program during 3Q 2010, and will be available for up to one year.

05/17/2010

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