OGX declares commerciality of the accumulation of Waikiki in the Campos Basin

abarrelfullabarrelfull wrote on 26 Apr 2012 10:45
Tags: brazil ogx s-america upstream

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The OGX Petroleo e Gas Participacoes SA ("OGX") (Bovespa: OGXP3, OTC: OGXPY.PK), a Brazilian company of oil and natural gas accounts for the largest private sector exploratory campaign in Brazil announced today that it has submitted to the National Agency of Petroleum, Natural Gas and Biofuels (ANP) Declaration of Commercial Viability of the accumulation of Waikiki, whose proposed new name is Hammerhead Shark Field, contained in the block BM-C-39 and BM-C- 40, in shallow waters of the Campos Basin. OGX holds 100% interest in these blocks.

"This announcement marks the start of the Declarations of Commerciality of OGX in the Campos Basin after an intense and successful exploration campaign and delimitation over the last two years, which brought us greater understanding of the region and advance toward production phase of the Company, "commented Paulo Mendonça, Director General and the Exploration of OGX. "We will continue to focus on new areas for exploration campaign and implementation of our projects in search of the shortest time between discovery and first oil, maximizing cash generation of short and medium term," added Mr. Mendonca.

The Development Plan (DP) is being finalized and will be presented soon to the ANP. OGX estimates a total volume of 285 million recoverable barrels of oil from this field over the concession period of the production phase.

The accumulation of Waikiki was discovered by the wildcat 1-RJS-OGX-25 in December 2010 and should enter production in the second half of 2013. The concept of producing complex Waikiki which the field is part of shark hammer contemplates the production units OSX and WHP-3-2, which are built by Modec and Techint, respectively.

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