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GTU Process Plant View

The 11 wells already completed have been tested with open choke (3/4") and showed average flow rates of 400,000 - 500,000 m3/day each.

In addition, at the end of September, we obtained the Operating License from the Environmental and Natural Resources Secretary of the State of Maranhão (SEMA/MA) authorizing production of natural gas in the Gavião Real and Gavião Azul fields.

The project is in its final stages as described by the current activities at the site: i) mechanical and instrument assembly, electrical wiring and instrumentation; ii) test of control networks in the clusters and the GTU; iii) pipelines in place; iv) construction of the administrative buildings with offices, workshop and laboratories, all in pre-fabricated metallic structures; and v) leakage tests in the tanks in final phase.

Natural gas production at the Gavião Real Field will begin in the fourth quarter of this year, with the commissioning of the GTU and the MPX Parnaíba Thermoelectric Complex turbines. Commercial generation of power will begin in 2013.

Parnaíba Basin Exploratory Campaign

After the discovery of the Bom Jesus accumulation last year, identified through the OGX-34 well, the Company drilled appraisal wells to test the extent of this accumulation. In addition to the drilling and well test of the OGX-88 well in July, we also concluded the drilling of another two appraisal wells in the region in 3Q12, OGX-91D and OGX-95, both of which contained discoveries of hydrocarbons in the Carboniferous section of 23 and 4 meters of net pay, respectively. After the evaluation of the results from the wells, OGX submitted the Discovery Evaluation Plan (PAD) for the region to the ANP, which has already been approved.

We have initiated the drilling of five new prospects in this basin – Santa Maria (OGX-92), Rio Corda (OGX-93), Peritoró (OGX-96), Basílios (OGX-97) and Norte California (OGX-98). The OGX-92 and OGX-93 wells were concluded in the Fazenda Santa Maria and Rio Corda prospects; however, neither well showed indications of hydrocarbons. Currently, 3 exploratory wells are still in progress - the first exploratory well in the PN-T-50 block in the Peritoró prospect, OGX-96, OGX-97 in the Basílios prospect and OGX-98 in the Norte California prospect.

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