- OGX Petroleum (OGXPY.PK) said Thursday that the Tubarao Martelo oil field offshore Brazil holds probable reserves of 87.9M boe.
- Tubarao Martelo is considered OGX's lone viable oil field after the company said earlier this year it would shut down production at the Tubarao Azul field after disappointing results.
- But the reserves certification shows Tubarao Martelo output is far from guaranteed: no proven reserves, or oil that has a 90% certainty of being produced by the field, were certified.
- OGX is counting on production from the field to start by the end of the year.
OGX's Tubarao Martelo field holds 87.9M boe in probable reserves
Oct 4 2013, 07:16 ET