OGX Petroleo e Gas has identified the presence of hydrocarbons in the Albian and Aptian sections of well 1-OGX-31-RJS, which is located in block BM-C-41 in the shallow waters of the Campos Basin.

The OGX-31 well is situated 80km off the coast of Rio de Janeiro at a water depth of 136m.

OGX encountered an oil column of 149m with about 48m of net pay in the Albian section and a column of 59m with a net pay of 23m in the Aptian section in carbonate reservoirs.

The well was drilled in the Osorno prospect to a final depth of 3,786m.

The Ocean Ambassador rig was deployed for drilling at the well on 14 January 2011.

OGX holds a 100% working interest in the block.