UPDATE 1-Brazil's OGX finds up to 500 mln barrels of oil
* OGX says finds 400 mln-500 mln barrels oil off Brazil
* OGX hydrocarbon reserves more than 6.7 billion barrels (Adds details)
SAO PAULO Nov 16 (Reuters) - Brazilian oil company OGX (OGXP3.SA) has made a discovery of oil off the coast of Rio de Janeiro which it estimates at between 400 million and 500 million barrels, the firm said on Monday.
The discovery was made in the BM-C-41 block in the offshore Campos basin in which the company has a 100 percent stake, in well OGX-2A about 77 kilometers (48 miles) from Rio de Janeiro's coast.
The find would add to the company's estimated hydrocarbon resources which it said last week had been certified at around 6.7 billion barrels.
The company's shares were up 2.5 percent to 1,420 reais on the Sao Paulo stock exchange around the time of the announcement but shed the gains to trade lower about 25 minutes later.
OGX Petroleo e Gas Participacoes is part of the EBX energy and infrastructure conglomerate owned by Brazilian billionaire Eike Batista. OGX went public in June last year in what was, at that time, the biggest initial public offering ever in Brazil.
Batista, who has a reputation as a risk taker, paid more than $1 billion for drilling rights for 21 offshore blocks at an auction in 2007, upstaging oil majors such as Brazil's state-controlled oil company Petrobras (PETR4.SA)(PBR.N) and Devon Energy Corp (DVN.N). (Reporting by Peter Murphy; Editing by John Picinich)
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