Thursday, 12 August 2010

OXG finds hydrocarbons in a well in BM-C-40 block

OGX has found hydrocarbons in an exploration well drilled in shallow waters off the coast of southeastern Brazil. The disclosure announced to the Brazilian National Petroleum Agency (ANP) does not indicate commercial viability.

The well was drilled in 105 mt of water approximately 95 km off the coast of Rio de Janeiro, and is about 2 km from the Pero prospect, discovered in June this year. OXG identified two hydrocarbon deposits in the well, drilled in the BM-C-40 block in the Campos Basin.

OGX holds stakes in 29 exploration blocks in six basins including the Campos, Santos basins, none of have producing oil wells. The company intends to drill 79 wells, 72 offshore and the remainder on land.

Source: The Wall Street Journal

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