The company said that this discovery of gas and, possibly, condensate in well OGX-17, reveals the existence of a new Albian play with limestone and sucrose dolomites in the blocks of Santos Basin.

An oil column of about 195m with approximately 43m of net pay was encountered in carbonate reservoirs in the Albian section.

The drilling of well OGX-17, also known as the Belem prospect, is still in progress and is expected to continue to a maximum final depth of approximately 5,800m.

The OGX-17 well, located in the BM-S-56 block, is situated approximately 85km off the coast at a water depth of about 135m.

OGX general executive officer Paulo Mendonca said using the information previously obtained through the drilling of well OGX-12, we were able to recalibrate our geological model, thereby gaining additional technical insight and momentum in the pursuit of a new cycle of discoveries.

OGX holds a 100% working interest in this block.