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OGX Rises on Petrobras Oil Find Near Its Blocks: Rio Mover

OGX Petroleo e Gas Participacoes SA, the oil company controlled by billionaire Eike Batista, rose after Brazil’s state-run oil producer found crude near OGX’s offshore properties in the Espirito Santo basin.

OGX, as the Rio de Janeiro-based explorer is known, added 5 percent to 5.06 reais at 12:22 p.m. in Sao Paulo after climbing as much as 6.2 percent, the biggest increase since Jan. 4. It was the biggest gainer in Brazil’s benchmark index.

Petroleo Brasileiro SA, the world’s biggest producer in deep waters, found high-quality oil and natural gas at a well in Espirito Santo basin that is near four of OGX’s exploration blocks, Petrobras said after the market closed yesterday. Petrobras, also based in Rio, found a 200 meter (656 feet) layer of oil and gas, it said in a filing.

OGX has risen 16 percent this month after the start of production at its third oil well encouraged investors.

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