OGX declares commerciality of part of the Waimea Basin Complex Field (1st module production)

abarrelfullabarrelfull wrote on 15 May 2012 12:54
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 part of the complex Waimea, whose new name proposed for this area is Field of Blue Shark, contained in the block BM-C-41 in the shallow waters of the Campos Basin. OGX holds 100% interest in these blocks.

This declaration of commerciality submitted to the ANP, part of the complex Waimea (1 module production) occurs after the evaluation of the results obtained so far Test (EWT), made by OGX-26HP, which is confirmed permoporosidade the excellent characteristics of the reservoir, allowing a better detailing and preparation of the Development Plan (DP) of the area. The PD to be submitted to the ANP estimates a total volume of 110 million recoverable barrels of oil Field Blue Shark over the concession period of the production phase.

"This important step will enable us to connect the second well and intensify production on OSX-1, making it even more profitable operation of this unit with the expansion of cash flow and dilution of operating costs," commented Paulo Mendonça, CEO of OGX.

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