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We initiated the drilling of four new wells in 2013: three wildcats: OGX-105, Rocha Lima prospect, a dry well; OGX-107, Fazenda Chicote prospect where we notified gas discovery; and OGX-110, São Raimundo prospect, also with gas discovery. Besides, we commenced the drilling of a wildcat adjacent to the OGX-88 (Bom Jesus) discovery, denominated as Fazenda Santa Isabel (OGX-108), also with gas discovery.

After drilling and discovering gas in four exploratory wells in the Bom Jesus accumulation, we presented to the ANP the Declaration of Commerciality for the area in January, 2013. The Bom Jesus accumulation will be named the Gavião Branco Field and the field’s Development Plan will be submitted to the ANP soon. OGX estimates a total volume in place between 0.2 and 0.5 Tcf of gas for this field.

In February 2013, we notified to the ANP a gas discovery in the Fazenda Chicote prospect (OGX-107), in which approximately 66 net pay meters of gas were identified in the Poti Formation (Devonian section). In March 2013, OGX performed a drill-stem test in the well OGX-107 and obtained a gas flow rate of 3.2 million cubic meters per day in Absolute Open Flow (AOF). The test also confirmed a low gas condensate ratio (GCR), indicating dry gas and demonstrating the similarity of these results with the previous tests carried out in the Gavião Real and Gavião Branco fields, allowing us to continue drilling appraisal wells in this area. This well is located approximately 20 km from the Gavião Branco Field, and is approximately 50 km away from the Gavião Real Field.

SANTOS BASIN

In 2012, we achieved conclusive results through our exploratory campaign in the Santos Basin after analyzing the full set of data gathered from our discoveries and tests which led us to submit to the ANP PADs for the Curitiba, Belém and Natal accumulations. The PADs should enable us to extend the exploration period for additional tests and eventual new appraisal wells which will enhance our understanding of the economic viability of the projects. The Company will perform drill-stem test in the Curitiba accumulation in the coming months.

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