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The following table provides details of the areas which we have declared commercial (the Pipeline, Fuji and Illimani accumulations), as well as those for which we have submitted PADs (Vesúvio, Viedma, Tulum and Itacoatiara accumulations in the Campos Basin, and Curitiba, Belém and Natal accumulations in the Santos Basin):

 
Declarations of Commerciality – Campos Basin
Field     Accumulation     Block(s)       Total estimated volume of oil in place (mmboe)
              P90     P50     P10
Tubarão Tigre     Pipeline     BM-C-41       314     461     675
Tubarão Gato     Pipeline     BM-C-41       50     71     101
Tubarão Areia     Fuji/Illimani     BM-C-41       157     291     563
Total   521     823     1,339
 
PADs – Campos Basin
Accumulation       Block(s)       Commitment       Deadline
Vesúvio      

BM-C-43, BM-C-42,

BM-C-41 and BM-C-38

      - 1 appraisal well

- Seismic reprocessing

      2H13
Viedma 1      

BM-C-41, BM-C-38 and

BM-C-37

      - 1 appraisal well       2H13
Tulum 1       BM-C-37 and BM-C-38       - 1 appraisal well       2H13
Itacoatiara 1       BM-C-39       - Additional geophysics studies       2H13
Peró/Ingá       BM-C-40       - Seismic reprocessing       1H13
Tambora/Tupungato       BM-C-41       - Seismic reprocessing       1H13
 
PADs – Santos Basin
Accumulation       Block(s)       Commitment       Deadline
Natal 1       BM-S-59       - Seismic reprocessing       1H13
Curitiba 1       BM-S-58       - Drill-Stem test (OGX-94DA)       2H13

Belém

      BM-S-56       - Drill-Stem test (OGX-17)       2H13
 
Notes:
¹Pending PAD approval from ANP
 

In addition to the areas in the Campos and Santos Basins comprised in the submitted PADs, OGX will also:

  • Drill two prospects in the Espírito Santo Basin in 2013, together with Perenco, the operator of the blocks, and ten wells in the Parnaíba Basin
  • Continue to develop the Tubarão Martelo field preparing for OSX-3’s arrival and conclude studies for OSX-2’s development area
  • Start drilling the first development well in the Atlanta Field (BS-4 Block) in 2H13 using Ocean Star rig from OGX fleet

Capex

After acquiring a stake in Block BS-4, we revised our 2013 capex budget from US$1.2 billion to US$1.3 billion to account for the development of the post-salt field, Atlanta, which is scheduled to commence with the drilling of the first production well in the second half of the year. As the Company gradually reaches the end of its exploration campaign in the Campos and Santos basins, we are downsizing our rig fleet, which reflects a reduction of our 2013 capex, compared with the previous year.

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