OGX's Tubarao Martelo field holds 87.9M boe in probable reserves

|By:, SA News Editor

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.