OGX Strikes Oil again at the Campos Basin and Discloses a Major Gas Discovery at the Onshore Parnaiba Basin.
OGX estimates that the total Parnaiba Basin natural gas potential at 15 trillion cubic feet. This discovery opens a new exploratory frontier in an onshore basin, the first in two decades. At the Campos Basin, OGX-18 well reports indication of hydrocarbons, adding to the excellent results of their ongoing exploratory campaign.
“This discovery opens a new exploratory frontier in an onshore basin, the first in two decades. It is important to note that this exploratory campaign was initiated in October 2009 and is conducted by Brazilian companies, obtaining important results in record time”, commented Mr. Paulo Mendonça, General Executive Officer of OGX.
“Viva Brazil, viva the Brazilian intelligence”, commented Mr. Eike Batista, OGX’s controlling shareholder and Chairman.
After drilling the first 10 meter in the devonian section with significant gas shows, at a depth of 1.654 meters, OGX Maranhão has decided to conduct a Drill Stem Test.
The OGX-16 well, located in the PN-T-68 block, is situated approximately 260 kilometers of São Luis, the capital of the state of Maranhão. The rig QG-1 initiated drilling activities there on July 5, 2010.
"The OGX-18 well is located 2 km (1 ¼ mi) from OGX-14, the Peró prospect. The proximity of these discoveries, combined with the fact that the Albian section of this well is structurally 56 m (184 ft) higher than at OGX-14, points to a potentially superior column than the one already encountered in this block,” says Paulo Mendonça.
Additionally in the Santonian section, high porosity sands with hydrocarbons were encountered.
OGX-18 is approximately 95 km (59 mi) off the coast of the state of Rio de Janeiro at a water depth of approximately 105 m (344 ft). The Ocean Lexington initiated drilling on OGX holds stakes in 29 exploration blocks in the Campos, Espirito Santo, Para-Maranhao, Parnaiba and Santos basins.