July 24 (Reuters) - Brazil's state-run oil company Petrobras said on Wednesday that it finished drilling its fourth exploratory well in the Iara area of the Santos Basin, a project that confirmed the prospect holds high-quality, medium-grade crude and a strong chance of producing at "excellent" levels.
Petrobras based its conclusions on a formation test in the well, drilled on the BM-S-11 subsalt exploration block in the Santos Basin, 226 kilometers (140 miles) south of Rio de Janeiro, according to a securities filing.
The oil, at 28 degrees on the American Petroleum Institute (API) scale, was found in a carbonate reservoir with high porosity and permeability about 5,260 meters (17,260 feet) below the ocean's surface.
(Reporting by Roberto Samora; Editing by Phil Berlowitz)
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