OGX Petroleo e Gas Participacoes SA, the Brazilian oil and gas company conducting the largest private sector exploratory campaign in Brazil, announced that it has identified the presence of hydrocarbon in the Maastrichtian section of well 1-OGX-20-RJS, located in the BM-C-41 block, in the shallow waters of the Campos Basin. OGX holds a 100% working interest in this block.
Hydrocarbons were identified in two different levels in sandstone reservoirs in the Maastrichtian section of the OGX-20 well, presenting net pay of approximately 9 and 4 m, respectively. The drilling of well OGX-20, also known as the Tupungato prospect, will follow until an estimated final depth of approximately 3,650 m is reached.
The OGX-20 well, located in the BM-C-41 block, is situated approximately 85 km off the coast of the state of Rio de Janeiro at a water depth of approximately 130 m. The rig Ocean Ambassador initiated drilling activities there on September 5, 2010.
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