Petrobras Strikes Oil in Iara Area

Petrobras, announces that has confirmed the presence of good quality oil in well 3-RJS-706 (3-BRSA-1132-RJS), located in the Iara area, block BMS-11, in the Santos Basin pre-salt. The well is located 140 miles (226 kilometers) off the coast of Rio de Janeiro, 3.7 miles (6 kilometers) from the discovery well (1-RJS-656, Iara), at a water depth of 7,208 feet (2,197 meters).

This well, the fourth in the Iara area, is still undergoing the drilling stage and will continue with the aim of defining the base of the oil reservoirs. Results have confirmed 28 degrees of API oil in good quality carbonate reservoirs, obtained by cable samples, starting at a depth of 17,257 feet (5,260 meters).

The Consortium is going to proceed with the activities outlined in the evaluation plan approved by Brazil's National Petroleum, Natural Gas and Biofuels Agency (ANP), which includes a formation test to assess the reservoir's productivity.

Petrobras is the operator of the consortium (65%) in partnership with BG E&P Brasil (25%) and Petrogal Brasil/Galp Energia (10%).

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