OGX reports on Tubarão Azul extended well test

OGX Petróleo e Gás Participações S.A. (Bovespa: OGXP3; OTC: OGXPY.PK) says it extended well test in the Tubarão Azul field has “an ideal flow rate of 5,000 boe/d per well for the first two wells, not including the impact of any water injection.”

Offshore staff

RIO DE JANEIRO –OGX Petróleo e Gás Participações S.A. (Bovespa: OGXP3; OTC: OGXPY.PK) says it extended well test in the Tubarão Azul field has “an ideal flow rate of 5,000 boe/d per well for the first two wells, not including the impact of any water injection.”
Wells OGX-26 and OGX-68 were tested with flow rates between 4,000-18,000 b/d. OGX says the test also indicates the need to replace the centrifugal submersible pump in OGX-26 with a different pump to adjust the pumping capacity of the well beyond the ideal flow rate.

During the last five days, given the stop in production from well OGX-26 to allow for the replacement of the pump,production unit FPSOOSX-1has been producing 7,400 boe/d from OGX-68 and is showing satisfactory reservoir pressure.

Within the next year, two producing wells and two injection wells will be connected toOSX-1to increase Tubarão Azul oil production.

In addition to water injection, OGX plans to use chemical hydraulic fracturing and other techniques to optimize production.

The company also says the FPSO production unitsOSX-2 and OSX-3 are advancing in Singapore and are scheduled to arrive in Brazil and begin production in the second half of 2013

6/27/2012

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