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OGX announces start of production of its third well in the Tubarão Azul Field

Monday, Jan 07, 2013

OGX Petróleo e Gás Participações S.A. (“OGX”) (Bovespa: OGXP3; OTC: OGXPY.PK), Brazil’s largest private oil and natural gas exploration company, announces that it has connected and started its third production well in the Tubarão Azul field, TBAZ-1HP, situated in the Campos Basin, on December 31, 2012, which was under cleaning and adjusting process and today initiated the effective oil production.

“We are thrilled that production has started at our third well in the Tubarão Azul Field, which will contribute to increasing OGX’s current production levels.”

Luiz Carneiro, Chief Executive Officer of OGX says: "We are thrilled that production has started at our third well in the Tubarão Azul Field, which will contribute to increasing OGX’s current production levels."

Prior to the beginning of production of TBAZ-1HP well, the FPSO OSX-1 was producing at an average of 10,100 barrels of oil equivalent per day, connected to two production wells, OGX-26HP and OGX-68HP. The TBAZ-1HP well has a horizontal section of 1,200 meters and is located approximately 3 kilometers away from the first two production wells.

Source: Business Wire

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