OGX Increases Participation to 70% in Blocks BM-C-37 and BM-C-38 in the Campos Basin and Becomes Operator

abarrelfullabarrelfull wrote on 20 Mar 2012 15:13
Tags: brazil ogx s-america upstream

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OGX Petróleo e Gás Participações S.A. (“OGX”) (Bovespa: OGXP3; OTC: OGXPY.PK), the Brazilian oil and gas company responsible for the largest private-sector exploratory campaign in Brazil, today announced that it has acquired 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, becoming operator of these blocks. OGX now holds a 70% interest in these blocks, with Maersk Oil holding the remaining 30%.

“This transaction reflects not only our interest in continuing to pursue new growth opportunities for our portfolio, but also our belief in the excellent potential of the shallow waters in this part of the Campos Basin,” commented Paulo Mendonça, General Executive and Exploration Officer of OGX. “As operator of these two blocks, we will intensify the drilling campaign, focusing on the appraisal of the existing discoveries as well as the drilling of new wildcat wells,” concluded Mr. Mendonça.

With this acquisition, OGX plans to use its current operational structure to drill 6 wells in blocks BM-C-37 and BM-C-38, in order to confirm the extension of discovered accumulations and test the existence of new prospects in the area. OGX will conduct all necessary studies and tests aiming to convert its resources into reserves.

OGX is now the operator of seven exploratory blocks in the Campos Basin totaling 1,177 km². The Campos Basin is responsible for more than 75% of the Brazilian production and is where the Waimea accumulation is located, in which OGX’s first oil was produced (block BM-C-41).

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