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Brazil: OGX Delivers Waimea Oil to Shell

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Last week, OGX, the Brazilian oil and gas company responsible for the largest private-sector exploratory campaign in Brazil, has delivered its first shipment of approximately 600,000 barrels of oil to Shell Western Supply and Trading Ltd. (“Shell”).

On March 27, 2012, the Company, owned by Eike Batista, initiated the process of offloading the first shipment of OGX’s oil. At the conclusion of the procedure, a Bill of Lading was issued certifying that the shuttle tanker had taken possession of the oil. This shipment is bound for Europe, where Shell intends to process the oil in one of its refineries. On October 2011, OGX signed its first sales contract with the Anglo-Dutch partner, for the delivery of 1.2 million barrels of oil in two batches of 600,000 barrels each.

“The shipment of the first batch of oil to Shell represents the beginning of OGX’s cash generation and an important step towards the establishment of the Company as a major player in global E&P,” commented Paulo Mendonça, general Officer and Exploration Officer of OGX.

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Brazil: DOF Extends Contract with OGX for AHTS Skandi Mogster

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DOF has agreed a new 2 year contract with OGX for Skandi Møgster in Brazil. The new contract with OGX will commence in March 2012.

Skandi Møgster, built by Kværner Kleven Leirvik in 1998, is an AHTS with 16.000 BHP and 192 T Bollard Pull.

The DOF group operates within three different segments in relation to strategic types of activities and vessel types. The groups technical diversified fleet consists of innovative vessels specialized for their operational purpose.

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OGX Gets Nod for EWT and Production Development in Campos Basin, Offshore Brazil

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OGX Petróleo e Gás, the Brazilian oil and gas company responsible for the largest private-sector exploratory campaign in Brazil, announced that the preliminary license for the Extended Well Test (“EWT”) and production development in Waimea was granted by Ibama (the Brazilian Institute for Environment and Renewable Natural Resources).

This EWT will be conducted in block BM-C-41 in the Campos Basin. OGX has a 100% interest in this block.

“This preliminary license represents another step forward in our first oil production in the Campos Basin. With the granting of the installation license we expect to begin the mooring and equipment installation process for the EWT in Waimea within a few days,” commented Paulo Mendonça, General Executive and Exploration Officer of OGX.

The Waimea accumulation, which is located in the shallow waters of the Campos Basin, was discovered through wildcat well OGX-3 on December 18, 2009. The EWT, which is expected to begin in an exceptionally short timeframe – around 2 years after the discovery was made – will be performed utilizing the existing horizontal well, OGX-26HP.

Original Article

OGX Makes Another Discovery in Campos Basin, Offshore Brazil

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OGX Petróleo e Gás Participações S.A. (“OGX”) , the Brazilian oil and gas company responsible for the largest private sector exploratory campaign in Brazil, announced today that it has identified the presence of hydrocarbons in the Albian section of well 1-OGX-33-RJS, which is located in the BM-C-41 block, in the shallow waters of the Campos Basin. OGX holds a 100% working interest in this block.

An oil column of approximately 95 meters with approximately 42 meters of net pay has been identified in the carbonate reservoirs of the Albian section. The drilling of well OGX-33, also known as the Chimborazo prospect, was concluded at a final depth of 3,755 meters.

The OGX-33 well is situated 84 kilometers off the coast of Rio de Janeiro at a water depth of about 127 meters. The rig, Pride Venezuela, left the well on April 9, 2011. Drilling of the third extension well (OGX-42) of the Pipeline accumulation has been initiated.

ABOUT OGX

OGX Petróleo e Gás SA is focused on oil and natural gas exploration and production and is conducting the largest private sector exploratory campaign in Brazil. OGX has a diversified, high-potential portfolio, comprised of 29 exploratory blocks in the Campos, Santos, Espírito Santo, Pará-Maranhão and Parnaíba Basins, in Brazil, and 5 exploratory blocks in Colombia, in Middle Magdalena Valley, in Lower Magdalena Valley and in Cesar-Ranchería basins. The total extension area is of approximately 7,000 km² in sea and approximately 34,000 km² in land, with 21,500 km² in Brazil and 12,500 km² in Colombia. OGX relies on an experienced management team and holds a solid cash position, with approximately US$2.9 billion in cash (as of December, 2010) 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 at that moment. 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.

( Original Article )

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