New Oil Discoveries Offshore Brazil

In well OGX-10, the Hawaii prospect, an oil column of approximately 110 meters and net pay of approximately 40 meters was identified in the carbonate reservoirs of the Aptian section. The well is in its final stage of log analysis. Therefore the rig, Sea Explorer, provided by Pride International, will be moved to well OGX-7A, the Huna prospect, in order to conduct additional tests.

Regarding well OGX-13, the second appraisal well for the Vesuvio accumulation, a net pay of approximately 10 meters was encountered in sandstone reservoirs of the Eocene section. Preliminary information indicates that this well was drilled in one of the structure’s boundaries, making an important contribution to the delineation of the Vesuvio accumulation. Drilling activities have been concluded at OGX-13. As a result, the rig Ocean Lexington, provided by Diamond Offshore, will be moved to the Peró prospect, located in the block BM-C-40.

The drilling of well OGX-10, situated approximately 79 kilometers off the coast of the state of Rio de Janeiro at a water depth of approximately 158 meters, commenced on March 2, 2010. At OGX-13, situated approximately 87 kilometers off the coast of the state of Rio de Janeiro at a water depth of approximately 138 meters, drilling started on March 5, 2010.

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