OGX Maranhão concludes drill-stem test for well OGX-88 in the Parnaíba Basin

abarrelfullabarrelfull wrote on 26 Jul 2012 05:20
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, announces that it has concluded the drill-stem test in well OGX-88, in the Bom Jesus accumulation, located in the PN-T-68 block, within the onshore Parnaíba Basin. OGX Maranhão, an entity formed by OGX S.A. (66.6%) and MPX Energia S.A. (33.3%), is the operator of the block and holds a 70% stake, while Petra Energia S.A. holds the remaining 30%.

The drill-stem test in well OGX-88 (first appraisal well of the Bom Jesus accumulation) was performed in 36 meters of net pay of gas in the carboniferous section, opening the interval between 1,273-1,288 meters within the Poti Formation. The flow rates obtained in this interval, in approximately 30 hours of production, were the following:

  • 170,000 cubic meters per day (choke opening of 3/8”)
  • 281,900 cubic meters per day (choke opening of 1/2”)
  • 491,000 cubic meters per day (choke opening of 3/4”)

Additionally, a low gas condensate ratio (GCR) was observed, indicating dry gas and demonstrating the similarity of these results with the previously tests carried out in the Gavião Real Field. These results support the future development of the Bom Jesus accumulation, allowing us to continue drilling more appraisal wells in this area.

Well OGX-88 is located 1.4 km from wildcat well OGX-34, which discovered this accumulation, and is approximately 30 km away from Gavião Real Field, that is at an advanced stage of production development.

“The test results gave us even more confidence in Parnaíba Basin’s potential, that besides this promising prospect has also the Gavião Real Field, which was already declared commercial and will start producing and generating cash in 2013”, commented Mr. Luiz Carneiro, CEO of OGX.

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