OGX has secured, through its subsidiary OGX Petroleo e Gas Ltda, a sixth semi-submersible drilling rig, Pride Venezuela, to be provided by Pride International.
The decision to hire a sixth rig reflects the promising outlook that has resulted from previously drilled wells. This rig will enable the advancement of the delineation program and, at the same time, will allow OGX to continue identifying new exploratory prospects in the Campos and Santos Basins. OGX has built a mutually beneficial relationship with Pride International which is now supplying us with this second rig, Pride Venezuela.
Pride Venezuela has the capacity to drill wells up to 7,600 meters of depth, at a water depth up to 457 meters (1,500 feet). The rig will initiate its activities in the third quarter of 2010 and will be available for a period of up to one year.
