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Brazil: OGX Encounters Huge Hydrocarbon Column in Santos Basin

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OGX, a largest privately owned oil & gas company in Brazil, today announced that it has identified the presence of hydrocarbons in the Albian and Aptian sections of well 1-OGX-63-SPS in the BM-S-57 block, in the shallow waters of the Santos Basin. OGX holds a 100% working interest in this block.

“This discovery is important for its huge hydrocarbon column and net pay identified in the Albian section, as well as by the quality of the Aptian reservoir and its behavior,” commented Paulo Mendonça, General Executive Officer and Exploration Officer of OGX.

A hydrocarbon column of approximately 1,000 meters was encountered in Albian reservoirs with about 110 meters of net pay. The drilling of the well, which is still in progress, already reached the Aptian section of the reservoir identifying hydrocarbons through a high gas presence that resulted in a kick, which is already controlled.

The OGX-63 well, known as Fortaleza, is still in progress and located in the BM-S-57 block and is situated approximately 102 kilometers off the coast of the state of Rio de Janeiro at a water depth of approximately 155 meters. The Ocean Quest rig initiated drilling activities on October 08, 2011.

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USA: McMoRan Encounters Hydrocarbon Bearing at Lafitte Well

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McMoRan Exploration Co. today announced results from interim logging operations at the Lafitte ultra-deep exploration well located on Eugene Island Block 223 in 140 feet of water. The Lafitte well commenced drilling on October 3, 2010 and has been drilled to 27,038 feet.

Wireline logs indicate several Lower Miocene sands below 24,300 feet that appear to be hydrocarbon bearing. The sands have various thicknesses that aggregate approximately 200 gross feet (95 feet net), some of which are contained within a thin-bedded, sand-shale formation (i.e. laminated section).

These Lower Miocene aged sands are correlative to Lower Miocene sands seen onshore and in the deepwater of the Gulf of Mexico and provide additional confirmation of McMoRan’s ultra-deep geologic model. Lafitte is McMoRan’s third ultra-deep prospect to encounter Miocene age sands below the salt weld on the Shelf of the Gulf of Mexico.

McMoRan is preparing to set casing in the Lafitte well to 27,000 feet and plans to deepen the well to a proposed total depth of 29,950 feet to evaluate deeper Miocene objectives and possibly the Oligocene section. McMoRan holds a 72.0 percent working interest and 58.3 percent net revenue interest in Lafitte. Other working interest owners in Lafitte include: EXXI (18.0%), and Moncrief Offshore LLC (10.0%).

McMoRan Exploration Co. is an independent public company engaged in the exploration, development and production of natural gas and oil in the shallow waters of the GOM Shelf and onshore in the Gulf Coast area.

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