OGX PETRÓLEO E GÁS PARTICIPAÇÕES S.A.
CNPJ/MF: 07.957.093/0001-96
Publicly Held Company - BOVESPA: OGXP3
-- OGX concludes the Cased Hole Drillstem Test of the OGX-3 well which indicates a
potential production of 3,000 barrels per day in a vertical well in the Albian section --
Recoverable Oil Volume Expected to be between 500 and 900 Million Barrels
Rio de Janeiro, February 03, 2010 - OGX Petróleo e Gás Participações S.A. ("OGX") (Bovespa: OGXP3,
OTC: OGXPY), the largest Brazilian private sector oil and gas company in terms of offshore exploratory
acreage, announced today that it has finished the Cased Hole Drillstem Test
realized in the 1-OGX-3-RJS
well, located in the BM-C-41 block, in the shallow waters of the southern part of the Campos Basin. OGX
holds a 100% working interest in this block.
The well, OGX-3, was drilled to a depth of 4,084 meters, resulting in the detection of hydrocarbons in
carbonate reservoirs of the Albian, Aptian and Barremian sections, as previously announced on December
18, 2009 and December 28, 2009. Based on the final well information combined with the 3D seismic data
interpretation, OGX estimates recoverable oil volume of between 500 and 900 million barrels for all
reservoirs.
Upon drilling completion, a Cased Hole Drillstem Test
was performed in carbonate reservoirs of the Albian
section of well OGX-3, in order to verify the reservoir's characteristics in dynamic conditions. The test data,
pressures and permo-porosity conditions confirm the potential production of 3,000 barrels of petroleum
per day in vertical well. OGX plans to develop this field through horizontal wells and it is estimated that
this potential could be largely increased by up to five times per well, pointing to productivity gains.
Additionally, the test was conclusive, indicating good quality oil, estimated between 19 and 20° API. The
static pressures measured are normal, with no indication of depletion. This test is part of an important
step for the better understanding of both reservoir and of development of future production projects in
the region.
Sea Explorer
, the rig used at OGX-3, will be mobilized to the next location, the Hawaii prospect, situated in
the BM-C-42 block, also in the shallow waters of the southern part of the Campos Basin. The drilling of this
well is expected to commence in the mid of February 2010.
ABOUT OGX
OGX Petróleo e Gás SA is focused on oil and natural gas exploration and production in Brazilian offshore
sedimentary basins and is Brazil's largest private sector oil and gas company in terms of offshore
exploration area, with approximately 7,000 km², as well as 21,500 km² onshore area. OGX has a high
potential and diversified portfolio, composed of 29 exploratory blocks in the Campos, Santos, Espírito
Santo, Pará-Maranhão and Parnaíba Basins. OGX relies on an experienced management team and holds a
solid cash position, with more than US$4 billion in cash to fund its E&P investments and new opportunities.
In June 2008, the company went public raising R$6.7 billion, the largest amount ever raised in a Brazilian
primary IPO until then. OGX is a member of the EBX Group, an industrial group founded and under the
leadership of Brazilian entrepreneur Eike F. Batista, who has a proven track record in developing new
ventures in the natural resources and infrastructure sectors. For more information, please visit the website
www.ogx.com.br/ri
LEGAL NOTICE
This document contains Company-related statements and information that reflect the current vision and/or
expectations the Company and its management have regarding its business plan. These include, among
others, all forward-looking statements that involve forecasts and projections, indicate or imply results,
performance or future achievements, and may contain words such as "believe," "foresee," "expect,"
"consider," "is likely to result in" or other words or expressions of similar meaning. Such statements are
subject to a series of expressive risks, uncertainty and premises. Please be advised that several important
factors can cause the actual results to diverge materially from the plans, objectives, expectations,
estimations, and intentions expressed in this document. In no event shall the Company or the members of
its board, directors, assigns or employees be liable to any third party (including investors) for investment
decisions or acts or business carried out based on the information and statements that appear in this
presentation, or for indirect damage, lost profit or related issues. The Company does not intend to provide
to potential shareholders with a revision of the statements or an analysis of the differences between the
statements and the actual results. You are urged to carefully review OGX's offering circular, including the
risk factors included therein. This presentation does not purport to be all-inclusive or to contain all the
information that a prospective investor may desire in evaluating OGX. Each investor must conduct and rely
on its own evaluation, including of the associated risks, in making an investment decision.
OGX Contacts
Investors:
Marcelo Torres,
marcelo.torres@ogx.com.br
Luiz Garcia,
luiz.garcia@ogx.com.br
Juliana Schmith,
juliana.schmith@ogx.com.br
+55 21 2555 6237
Media:
Camila Manfredini,
camila.manfredini@ogx.com.br
+55 21 2555 4673