OGX declares offshore Brazil oil field commercial

Offshore staff

RIO DE JANEIRO – OGX Petróleo e Gás Participações S.A. (OGX) (Bovespa: OGXP3; OTC: OGXPY.PK) has presented a Declaration of Commerciality for the Waikiki accumulation in the shallow water Campos basin to Brazil’s National Petroleum, Natural Gas, and Biofuels Agency (ANP).

Waikiki is the proposed new name for the Tubarão Martelo field in blocks BM-C-39 and BM-C-40, in which OGX has a 100% interest. OGX estimates recoverable oil volumes of 285 MMbbl during the concession period’s production phase.

OGX is completing work on the development plan and soon will submit it to ANP.

The Waikiki accumulation was discovered through wildcat well 1-OGX-25-RJS in December 2010 and production should start during the second half of 2013 via the FPSO OSX-3 and WHP-2 facilities, under construction respectively by Modec and Techint.

“This announcement marks the beginning of a series of declarations of commerciality by OGX in the Campos basin, following an intensive and successful exploration and appraisal campaign over the last two years,” said Paulo Mendonça, General Executive and Exploration Officer.

“We will continue to focus on the exploration of new areas and on the execution of our existing projects, striving to achieve the shortest timeframe between the discovery and first oil.”

4/26/2012



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