RIO DE JANEIRO, BRAZIL--(Marketwire - September 2, 2010) - MPX Energia S.A. ("MPX") (BOVESPA: MPXE3) (GDR I: MPXEY), a diversified utility company with a large portfolio of thermal energy projects, announced today that OGX Maranhão has identified additional evidence of gas in the Devonian section of well 1-OGX-16-MA, in block PN-T-68, in the onshore basin of Parnaiba. OGX Maranhão, an entity formed by MPX Energia S.A. (33.3%) and OGX S.A. (66.6%) is the operator and holds a 70% stake in this block, while Petra Energia S.A. holds the remaining 30%.
Upon further drilling of well OGX-16, strong evidence of gas was identified in two additional objectives in the Devonian section, proving a significant hydrocarbon potential in this basin. These objectives are approximately 800 meters below the previous interval announced to the market on August 12, 2010. Fractured shales of the Pimenteiras Formation were identified with up to 909 Total Gas Units (TGU) and a column of approximately 23 meters. Right below this accumulation, sandstone reservoirs were identified in the Itaim Formation providing evidence of 370 TGU in a column of approximately 25 meters.
The drilling of well OGX-16, also known as the Califórnia prospect, is still in progress and OGX Maranhão continues to target new objectives. This well is located approximately 260 km from São Luis, capital of Maranhão. The rig QG-1, provided by Queiroz Galvão, initiated its drilling activities on July 5, 2010.
The MPX Parnaiba power generation complex, a partnership between MPX (70%) and PETRA Energia S.A. (30%), consists of gas-fired plants that are expected to provide up to 1,863 MW of power. The complex will be fueled by the gas produced in the blocks and has already been granted the Preliminary License.
Rio de Janeiro, September 2, 2010.
Eduardo Karrer
CEO and IR Officer
ABOUT MPX
MPX Energia S.A., an EBX Group company, is a Brazilian diversified utility company with a large portfolio of thermal energy projects that position it to be a leading private-sector power generator. The Company has a portfolio of 4 contracted and 7 greenfield projects in Brazil and Chile of 10 GW of power generation, and also owns high-potential coal and natural gas assets in Colombia and Brazil giving it the flexibility to supply its own plants or sell natural resources in the international market.
Contact Information:
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+55 21 2555-4244
Mauricio Tabet
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ri.mpx@mpx.com.br
www.mpx.com.br/ri
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+55 21 8011-0101