Wednesday 9 January 2013, AmsterdamOGX was incorporated in July 2007 and has raised funds of $9.1 bn since its incorporation. The company approached several secondary market sources, such as private placement, IPO and bond issuance in order to meet capital requirements for its initial operations. These proceeds were mainly utilized towards the acquisition of concession rights and support for the company’s exploration activities through seismic data acquisition and interpretation, procurement of required equipment and the drilling of several wildcat/exploration wells. The company has been reasonably efficient in the execution of its exploration activities, and reported an overall success rate of around 84.7% for its recent drilling activities during 2009–Q3 2012. OGX reported around 30 offshore discoveries in the Campos and Santos basins and four onshore discoveries in the Parnaiba basin until Q3 2012. One of the company’s discoveries in the Campos basin has reached the production stage, while other discoveries are in the initial appraisal and development stages. OGX has begun to generate cash flows over a short period of time, which shows the effectiveness of its business strategy.